This 2-hour program will focus on the key points that institutions need to be aware of relating to reviewing valuation reports for minimum compliance with the Interagency Appraisal and Evaluation Guidelines as well as the most recent revisions to USPAP for appraisals. Identifying and requesting corrections for the most common mistakes will be a focus of the course.
Qualified Review Personnel and Reviewer Independence - A discussion of the qualifications of the reviewer and the steps necessary to ensure reviewer independence is maintained
Minimum Expectations of the Compliance Review - A discussion of when compliance reviews are required and why they are an important part of the overall valuation process
Minimum Regulatory Guidelines - A discussion of the minimum appraisal requirements of the Interagency Guidelines for Appraisals and Evaluations
USPAP Requirements - A thorough discussion of USPAP and what reviewers should be looking for in the appraisal report to ensure compliance with USPAP
Understanding the Various Types of Reviews – The differences between a USPAP Compliance Review and a USPAP Standard 3 Review will be discussed along with outsourcing reviews to qualified personnel
Analysis of the Approaches to Value - A discussion of each approach to value and how to identify errors within the approaches
Identifying and Correcting the Most Common Mistakes - Other than errors found within the approaches to value, these most common mistakes will be identified, discussed and analyzed, as well as how to present them to the appraiser for correction
Handling Serious Deficiencies in the Report – How to handle items of concern with the appraiser and stay within the regulatory guidelines and what to do with a rejected report
Program Content and Delivery:
This program focuses on current issues involving the real estate valuation compliance review process and contains information relevant to those who manage or are involved with the appraisal and/or evaluation review process within the institution. A reference manual will be included with resources and sample review checklists available upon request. The instructor is a certified appraiser with extensive experience in ordering and reviewing reports and has completed thousands of compliance reviews since 2008.
Who Should Attend?
Members of the institution who are involved with writing or reviewing appraisal or evaluation reports, as well as other employees that will rely on these reports will be interested in attending this program. In addition to any appraisal department member, this may include credit officers, loan officers, credit analysts, loan review officers, credit administration supervisors, and loan assistants.
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.