PRIVACY POLICY

JSO Valuation Group, Limited is required by the Gramm-Leach-Bliley Act to inform customers of our policies regarding the collection of nonpublic personal information during the appraisal process.

The Federal Trade Commission (FTC) has ruled that appraisers are now considered to be financial institutions.  This stems from statements by FannieMae, FreddieMac, and FHA that appraisers are considered to be part of the financial institution for their participation in the lending process.

State-Licensed / Certified Appraisers have been and continue to be bound by the Uniform Standards of Professional Appraisal Practice (USPAP) and the Ethics Rule which consists of conduct, management, confidentiality, and record-keeping sections.  These rules and standards are more stringent than those required by law.

Types of Nonpublic Personal Information Collected

Personal and financial information about your property is collected during the course of developing the appraisal process.  This is generally accomplished with your knowledge and approval.  Nonpublic information is normally provided to our company by you or obtained by us with your authorization.  The purpose of the appraisal process is to develop an opinion of value for a client or customer for a specific property.  This value opinion is a part of the requirement for successful completion of a particular real estate financial transaction.

Parties to Whom We Disclose Information

Our company does not disclose any nonpublic personal information obtained during the course of developing a property’s opinion of value except as required by law or at the direction of the client to assist in the completion of a particular financial transaction.  Such nonpublic information may be disclosed to the client and any identified users of the specified appraisal, review, or appraisal consulting assignment.  A fiduciary agreement is automatically in effect between our agency and the identified customer / client and intended users per the Ethics Rule contained within  USPAP.  Additionally, in all such situations, the appraiser must comply with all pertinent laws, rules, and regulations regarding the safeguarding of the analyses, conclusions, survey results, adjustments, and opinions relative to the appraisal process.

Record Keeping Requirements

Our agency retains records relating to the informational services that we provide so that we are better able to assist you with your professional needs and to comply with the requirements of the Ethics Rule as contained within USPAP.  In order to secure your nonpublic personal information, our agency maintains physical, electronic, and procedural safeguards to comply with our professional standards of practice.

Customers Right to Limit Public Disclosure or Sharing of Nonpublic Personal Information

Our clients and customers have the right to limit the use or reuse of the nonpublic personal information gathered during the course of the appraisal process.  The customer must notify this agency within a reasonable time that public disclosure, use, or reuse of such information is prohibited except as required by applicable law, regulation, or USPAP.

Please call if you have any questions concerning this policy.  We are bound by our professional ethics and guidelines and your confidentiality and the ability to provide you with a quality product or service are very important to us.