When a Borrower isn’t Happy with an Appraisal
05/07/2023
If a borrower is not happy with their appraisal, should I order a second one?
Eric Collinsworth, owner of Appraisal Advisory Associates, LLC and co-owner of Valuation Compliance Services, LLC has been actively involved in the appraisal industry since 2004. He received the Certified Residential Appraiser designation in 2006. For the first 4 years of his appraisal career, he worked exclusively on residential property appraisal in the Middle Tennessee area, with a focus on OREO and high-end properties. Since 2008, he has worked for and with community banks in Tennessee and throughout the Eastern United States. He served in a supervisory role for a multi-billion dollar financial institution headquartered in Middle Tennessee and was responsible for developing compliance forms, appraisal policies, appraisal reviews, appraisal training, and market analyses, as well as the management of the day to day operations of the appraisal department. In October 2011, Eric formed Appraisal Advisory Associates, LLC in order to share his growing knowledge and expertise and to fill a need he recognized within smaller community banks for sound advice relating to the regulatory changes in the real estate valuation portion of the industry. He works closely with community bankers associations in many states to provide training on how to apply the regulatory requirements and guidelines for the real estate valuation process. In 2014, Valuation Compliance Services, LLC was created in order to provide appraisal and evaluation review services to a growing client base. Eric also works closely with a Nashville based appraisal management company to provide full appraisal management services to community banks.
05/07/2023
If a borrower is not happy with their appraisal, should I order a second one?
04/30/2023
My appraiser has indicated they can’t include an “As is” value in the same report as a “Subject to” value. He is saying it is a USPAP violation. Is this correct?
04/23/2023
If I outsource my real estate valuation program to an appraisal management company (AMC), what are my obligations?
04/16/2023
We perform stress testing on our commercial real estate. Should we also be doing anything for our 1-4 family portfolio?
04/09/2023
If another institution provides us with an appraisal to use, is a transfer letter required?
04/02/2023
Is Appraisal Bias something I should worry about in my market?
06/12/2022
Can we use a realtor’s BPO (Broker Price Opinion) for an evaluation?
06/05/2022
Is it acceptable to use the same Review form for all types of appraisals (residential, commercial, evals, etc.)?
05/29/2022
My appraiser has indicated they can’t include an “As is” value in the same report as a “Subject to” value. He is saying it is a USPAP violation. Is this correct?
05/22/2022
Can we tell an appraiser to leave out an approach in a report in order to save on the cost of the appraisal?