Bio:
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.
Questions Answered
04/19/2020
I’ve been told that the $500,000 threshold could include residential properties, but I thought this threshold was for commercial property only. Is this correct and will you include any examples of how this would exist?
04/12/2020
We do validations at our bank but have been told that we should not change the value when doing a validation. Will you be discussing how to validate prior appraisal or evaluations?
08/04/2019
Are the Interagency Guidelines a “Must” follow set of rules that apply to all real estate transactions?
07/28/2019
I have been told the recent $500,000 threshold increase for real estate evaluations applies ONLY to commercial property. Is that correct?
07/21/2019
Should my appraiser be including an “As Is” value in all appraisal reports for Federally Related Transactions?
07/14/2019
For renewal transactions, what is the threshold limit for evaluations?
07/07/2019
Does the $1,000,000 business loan threshold for evaluations apply to farmland?
06/30/2019
Are there any certain items I should be reviewing for if an appraiser only completes one approach to value in an appraisal report?
11/25/2018
I just don’t understand how my appraiser is coming up with the cap rate he is using on an appraisal. What does he consider in his work-file to determine the cap rate used?
11/18/2018
We have been told that an “As Is” value is required for “in-house” loans, but we have had several of our appraisers argue this requirement and say that USPAP does not require this. Is this a requirement and what do I tell my appraisers?
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