Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser

With Eric Collinsworth

Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser

With Eric Collinsworth
  • 1 Video
  • 3 PDFs
  • 2.0 hrs
Course description

This webinar will focus on the key points that banks need to be aware of relating to ordering and reviewing appraisals, to ensure they conform to the requirements necessary for safe harbor protection on those appraisals. We'll also cover suggested items of importance that should be relayed to your appraiser panel and how to properly inform the panel.



Learning Objectives:

  • The HPML Appraisal Rule - An overview of the Rule and loans that it covers
  • Qualified Mortgage exemptions - A discussion of the various elements of Qualified Mortgages and how the HPML Appraisal Rule applies to these loans
  • Appendix N to Regulation Z - Discussion of the four steps necessary to qualify for safe harbor
  • Appraisal Engagement - A discussion of how to properly engage the appraisal and what verbiage is suggested in the Engagement Letter to qualify for Safe Harbor
  • Appraisal Review - A discussion of the specific items required to review for in every appraisal report and how to document those items in a written review
  • Verifying the Appraiser's License is valid - A discussion of how to document that the appraiser is currently licensed as of the effective date of the report
  • The final step regarding safe harbor - A discussion of Step 4 in the safe harbor qualification and items that may conflict with this step (property inspections, etc.)
  • What your appraiser should know about HPML appraisals - A discussion of specific items that relate to HPML appraisal reports and how to notify your appraisers of the changes that have been made with the HPML Appraisal Rule

Program Content and Delivery
This program focuses on the upcoming requirements for qualification of safe harbor on appraisals that are ordered for HPML transactions. It will include discussion of when the HPML Appraisal Rule applies, qualified mortgages, and how to order and review appraisals to ensure compliance with safe harbor requirements. A sample appraisal review checklist and Engagement Letter will be offered. The instructor is a certified appraiser with extensive experience in ordering and reviewing appraisals. He has personally reviewed thousands of appraisals and conducts regulatory compliance seminars throughout the United States.


Who Should Attend?
Employees of financial institutions who are involved with the ordering and review of appraisals for HPML transactions, staff and independent fee appraisers, as well as other staff members who will rely on HPML appraisals will be interested in attending this program. In addition to any appraisal department member, credit officers, loan officers, credit analysts, loan review officers, credit administration supervisors, and loan assistants may benefit from the information provided.

Course Curriculum

Video
115:18
Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser
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Instructor

Eric Collinsworth
Eric Collinsworth

Eric Collinsworth, owner of Appraisal Advisory Associates, 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. 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 analysis, 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 appraisal industry.

In addition to his appraisal review and regulatory compliance work, Eric also holds an Affiliate Broker's license with a Middle Tennessee real estate firm. His company, Appraisal Advisory Associates, LLC has partnered with a Nashville based appraisal management company to provide full appraisal management services to community banks.