The five federal banking regulatory agencies — Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corp., Office of Thrift Supervision and National Credit Union Administration — jointly released updates in December to the Interagency Appraisal and Evaluation Guidelines. The updates expand upon the 1994 document, which sets forth guidelines for appraisal independence, complete and accurate reporting of property and market conditions and selecting competent individuals to perform valuation services.
Guidance Designed For:
- Independent appraisers
- Appraisal professionals from large and small firms
- Appraisal management company (AMC) professionals
- Mortgage lenders
- Loan originators
The new guidelines provide clarification of the agencies’ appraisal regulations and supervisory guidance to institutions and examiners about appraisal and evaluation programs. The guidelines — and their appendices — update and replace existing guidance documents to reflect developments concerning appraisals and evaluations, changes in standards, and advancements in collateral valuation methods.
No matter your place in the real estate valuation or mortgage lending community, the new guidelines will redefine the standards your daily operations are held to. Join us for 90 minutes of expert live instruction on the new guidelines governing your business.
New Interagency Guidelines for Appraisals will:
- Examine how the guidelines reaffirm appraisal independence and clarify the types of communications that could be coercion or undue influence — plus provide examples of actions that would compromise independence;
- See how the guidelines promote appraisal quality and provide guidance on reporting to reflect revisions to USPAP;
- Address transactions that require evaluations;
- Clarify expectations for an appropriate depth of appraisal reviews, the educational and training qualifications for reviewers, the resolution of valuation deficiencies and documentation standards; and
- Take an in-depth look at the new Monitoring Collateral Value section and an institution’s responsibility to make a referral and file a suspicious activity report (SAR).
Jason Morgan - Moderator
Editor of Valuation Review
William E. King
Director of Valuation Services
Veros Real Estate Solutions
William E. King is the director of valuation services at Veros Real Estate Solutions (Veros), headquartered in Santa Ana, Calif. His responsibilities include managing automated quality controls, overseeing appraisal rules and scoring modules, as well as actively monitoring the enhancement of Veros’ proprietary valuation models and risk analytics.
In his previous role, King served as owner and chief appraiser of ValueOne Appraisal. He holds both a certified residential appraisal license and a real estate broker’s license. King is a nationally recognized instructor of real estate and appraisal courses, including USPAP. Additionally, he is an active speaker at numerous real estate industry conferences and events.
DataQuick Lending Solutions
As the chief appraiser for DataQuick Lending Solutions and the registered Controlling Person for DataQuick’s appraisal management services nationwide, John Hosey serves as a subject matter expert responsible for tracking industry changes and directing state and federal regulatory compliance policy for the valuations group. He represents DataQuick as a member of the Industry Advisory Council to the Appraisal Foundation and is an active member of the Philadelphia Metro Chapter of the Appraisal Institute and the Collateral Risk Network.
Prior to joining the DataQuick team, Hosey worked as an appraiser and the business manager for Shelterfield Valuation Services, a regional appraisal firm providing residential, commercial and industrial valuation services throughout Pennsylvania, New Jersey, Delaware and Maine. He maintains a professional affiliation with this firm as consultant. Prior to Shelterfield, Hosey worked as a research associate for Kroll Inc. in Philadelphia.
Hosey is a Pennsylvania Certified General Appraiser approved by FHA and PennDOT. As an associate member of the Appraisal Institute, he is currently working toward his MAI designation. Hosey has an undergraduate degree in philosophy from Tufts University in Medford, Mass., and a Juris Doctor from the Villanova University School of Law in Villanova, Pennsylvania.