Appraisal review options
10/08/2017
We are a small institution with limited staff and we don’t really have an “appraisal department.” Are we required to outsource ALL our reviews to third party reviewers?
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.
10/08/2017
We are a small institution with limited staff and we don’t really have an “appraisal department.” Are we required to outsource ALL our reviews to third party reviewers?
10/01/2017
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 for federally related transaction?
09/24/2017
What are the differences between Extraordinary Assumptions and Hypothetical Conditions and what are the requirements for their use?
09/24/2017
We are having trouble with getting appraisal reports back in a timely manner in our market. We only have two residential appraisers and they are “covered up with inspections.” Do we have any other options for our loan other than a 1004 URAR Appraisal Report?
09/17/2017
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 for federally related transactions?
09/10/2017
We are involved in a participation loan with another bank and they are ordering the appraisal report. Can we rely on their review or do we need to complete our own review?