Appraisal Policy Update

Product Update Notification

Appraisal Policy Update - 07/05/06

Bankpolicies.com is proud to announce the immediate availability of our revised Appraisal Policy Template product.

The revision to this product is in response to the FDIC's Financial Institution Letter 53-2006 issued on June 23, 2006 entitled "Revisions to the Universal Standards of Professional Appraisal." The statement alerts financial institutions that the Appraisal Standards Board has issued the 2006 version of the Uniform Standards of Professional Appraisal Practice (USPAP).

http://www.fdic.gov/news/news/financial/2006/fil06053.html

The Appraisal Standards Board has adopted certain important revisions to USPAP, effective July 1, 2006, including a new Scope of Work Rule that sets standards for the determination and documentation of scope of research and analyses in appraisal assignments.

What's Revised

Topic 3 - Definitions. Several new definitions were added.

Topic 7 - Appraisal Content. Two new subtopics entitled "General" and "Federally Related Transactions" were added.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Definitions - Topic 3

Appraiser Qualifications - Topic 4

When Appraisals and Evaluations are Required - Topic 5

Ordering an Appraisal - Topic 6

Appraisal Content - Topic 7

Real Estate Evaluations - Topic 8

Review and Analysis of Appraisals - Topic 9

Fee Collection - Topic 10

Real Estate Taken as an Abundance of Caution - Topic 11

Supervision and Independence - Topic 12

Includes the following form templates:

Loan Officer Review of Appraisal - Long Form (4 pages)

Loan Officer Review of Appraisal - Short Form (2 pages)

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$175.00 - List Price

- or -

$50.00 - Update Price (applies only to clients who have previously purchased our Appraisal Policy Template)

If you have ordered our Appraisal Policy Template after 06/05/06 you are eligible to receive this new product at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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