Our professional consulting services provide Residential Mortgage Quality Control and Interagency Appraisal and Evaluation compliance solutions. Built around a core team of industry leaders, this solution provides a well-grounded perspective to help clients navigate core issues, as well as the line experience for high impact execution.
Interagency Appraisal and Evaluation Policy and Procedures
An institution’s board of directors or its designated committee is responsible for adopting and reviewing policies and procedures that establish an effective real estate appraisal and property evaluation program. Specifically, an institution should:
- Develop policies and procedures that ensure it avoids inappropriate actions that would compromise the independence of the collateral valuation function.
- Establish criteria to select, evaluate, and monitor the performance of appraisers and persons who perform evaluations.
- Have appropriate procedures for the development and administration of the approved appraiser list.
- Use written engagement letters when ordering appraisals, particularly for large, complex, or out-of-area commercial real estate properties.
- Develop policies and procedures that ensure appropriate Evaluation compliance.
We can assist financial institutions in the implementation and on-going review of the institution’s appraisal and property evaluation process by:
- Developing the required policies and procedures and customizing to the needs of the institution.
- Reviewing the existing process and identifying any gaps in current procedures.
- Evaluating the appraisers utilized by the institution to ensure required standards are in place.
- Performing a risk-based review of the overall process and assessing the controls that have been implemented.
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