Category Archives: Our Take

Be in the driver’s Seat

Who doesn’t want to be in control? Truth is, few things in life really are under our control. However, appraisal and vendor management is one of them. As a chief credit officer, how’s your “car” (analogy for your appraisal department) performing? Specifically, the selection and the engagement workflow process. Educational and market experience for specific […]

Interagency Appraisal and Evaluation Guide

“The OCC, FRB, FDIC, OTS, and NCUA are issuing final Interagency Appraisal and Evaluation Guidelines (Guidelines) to provide further clarification of the Agencies’ appraisal regulations and supervisory guidance to institutions and examiners about prudent appraisal and evaluation programs. The Guidelines, including their appendices, update and replace existing supervisory guidance documents to reflect developments concerning appraisals and evaluations, […]

National Association of Home Builders Speaks to Appraisal Reform

“The current residential appraisal system is impaired due to inconsistent and conflicting standards and guidance; inadequate and uneven oversight and enforcement; a shortage of qualified and experienced residential appraisers; and, the absence of a robust and standardized data system. The National Association of Home Builders (NAHB) believes these problemsmust be addressed in order to restore […]

United States Accountability Office (GAO) Reports to Congressional Committe that Appraisal Subcommittee needs to improve Monitoring Procedures

What GAO Found “GAO found that more than 70 percent of residential mortgages made from 2006 through 2009 were $250,000 or less—the regulatory threshold at or below which appraisals are not required for transactions involving federally regulated lenders. In recent years, however, the threshold has had a limited impact on the proportion of mortgages with […]