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Product Update Notification - 08/24/09 Appraisal Policy Template Update Details What's New Topic 4 - Home Valuation Code of Conduct Compliance. Includes the following subtopics: General Code of Conduct Standards Providing Appraisal Report to Borrower Appraiser Selection Staff Prohibited from Participating in the Appraiser Selection Process Appraiser Selection Candidate Qualifications Prohibited Additional Use in the Underwriting Process Complaint Resolution Quality Control Measures Report of Unethical Conduct Topic 5 - Independence of the Appraisal and Evaluation Program. Includes the following subtopics: General Standards of Independence Topic 8 - Appraisal Exemptions. Includes the following subtopics: Appraisal Threshold Abundance of Caution Liens for Purposes Other Than the Real Estate's Value Real Estate Secured Business Loans Renewals, Refinancing, and Other Subsequent Transactions Transactions Involving Real Estate Notes Transactions Insured or Guaranteed by U.S. Government Transactions that Qualify for Sale Transactions by Regulated Institutions as Fiduciaries Appraisals Not Necessary to Protect Federal Financial, Public Policy or Safety and Soundness Transactions Involving Underwriting or Dealing in Mortgage Backed Securities Topic 11 - Real Estate Reports. Topic 12 - Accepting Appraisals from Another Financial institution. Topic 14 - Other Evaluation Methods. Included the following subtopics: General Automated Valuation Model Determining AVM Use Validating AVM Results Tax Assessment Valuation Topic 16 - Audit Policy. Provides sample guidance with respect to a financial institution's requirement to conduct periodic independent audit reviews of its appraisal and evaluation program activities. Topic 17 - Staff Training. Provides sample guidance for the periodic training of financial institution personnel. Topic 18 - Retention of Documentation. Provides sample guidance for the retention of documentation related to appraisals and evaluations. Appraisal Engagement Letter Form Template - (9 Pages). Includes: Cover Letter Confidential Information Acknowledgement and Agreement Bank Appraisal Standards Summary Bank Hazardous Waste Supplement Americans with Disabilities Act (ADA) Supplement What's Revised Topic 2 - Policy Statement. The entire contents of the "General" subtopic were revised. Topic 3 - Definitions. The following definitions were added: Agent Appraisal Threshold Approved Appraiser List As Is Market Value Automated Valuation Model Business Loan Threshold Cascade Effective Date Engagement Letter Exposure Time Federally Related Transaction Financial Services Institution Loan Production Staff Marketing Time Prospective Market Value As Completed and As Stabilized Put Back Real Estate Related Financial Transaction Regulated Institution Restricted Use of Appraisal Report Sales Concessions Sales History and Pending Sales Self Contained Appraisal Report Sum of Retail Sales Summary Appraisal Report Tract Development Uniform Standard of Professional Appraisal Practice (USPAP) The following definitions were revised: Appraisal Business Loan Credible (Appraisal) Assignment Results Evaluation Market Value Scope of Work Transaction Value The Abundance of Caution definition is now located in Topic 8 - Appraisal Exemptions. Topic 6 - Appraiser Selection and Qualifications. Formerly Topic 4 - Appraiser Qualifications, the entire contents were revised and now includes the following subtopics: General Engagement Letters and Approved Appraiser List Appraiser Qualifications Third Party Arrangements Noncompliance Referrals Topic 7 - Transactions that Require Appraisals and Evaluations. Formerly Topic 5 - When Appraisals and Evaluations are Required, the following subtopics were revised: Appraisal Required - The final paragraph was revised. Evaluations Required - Entire contents. Topic 9 - Ordering an Appraisal. Formerly Topic 6, the entire contents were revised. Topic 10 - Minimum Appraisal and Evaluation Standards. Formerly Topic 7 - Appraisal Standards, the entire contents were revised and now includes the following subtopics: General Evaluation Content Scope of Work Rule Guidelines Federally Related Transactions Topic 13 - Review and Analysis of Appraisals. The following subtopics were added: Review Thresholds Review of Existing Appraisals Portfolio Monitoring and Updating Collateral Valuations In addition, the entire contents of the "General" subtopic were revised. What's Deleted Topic 8 - Real Estate Evaluations. Now included in Topic 10 - Minimum Appraisal Standards. Topic 11 - Real Estate Taken as an Abundance of Caution. Now included in Topic 8 - Appraisal Exemptions. Ordering Information This product is available to purchase from Bankpolicies.com for: $275.00 - List Price - or - $100.00* - Update Price *Applies only to clients who have purchased the Appraisal Policy Template within the last three years. If you have ordered this product after 07/24/09 you are eligible to receive the product update 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. |