Posts Tagged: Appraisal Review

Appraiser Independence / Appraisal Management Services

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Valuation Management Group (VMG) was established 10 years ago with the primary goal of offering appraisal management services that would create an environment of true appraiser independence and quality appraisal reports for financial institutions. Our nationwide vetted appraiser panel is monitored for updated license, errors and omissions insurance and infractions through the appraisal subcommittee.  Upon… Read more »

Appraisal Review – Competency and Proficiency

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The Uniform Standards of Professional Appraisal Practice (USPAP) defines appraisal review as “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.” Dave Maul, MAI, a Commercial Quality Assurance Reviewer at Valuation Management Group, recently attended… Read more »

The Importance of a Qualified Review Appraiser

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An appraisal review can be a technical review, desk review, or field review of an appraisal by an experienced, competent, qualified review appraiser. Since an appraisal review is a key quality control element in the credit or risk decision process, the importance of having an experienced, qualified, and knowledgeable appraiser performing reviews cannot be overemphasized…. Read more »

SBA’s Revised Policies for Special Purpose Properties

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May 1, 2015 was the effective date of the U.S. Small Business Administration’s revised appraisal policies involving special-purpose properties that typically include a component of value attributable to going concern or intangible business value. The SBA removed requirements for appraisers to have business valuation credentials (prior version required the ASA designation). While we at Valuation… Read more »

TRID & Appraisals – Advice from Valuation Management Group

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Effective August 1, 2015 under the new TRID (TILA-RESPA Integrated Disclosure) regulations, variances in the cost of appraisals will no longer fall into the 10% tolerance bucket, and only if a valid changed circumstance occurs can the cost of an appraisal to the borrower exceed what was disclosed on the Loan Estimate (LE). By habit,… Read more »

Compliant Appraisal Management and Review Process – Part III

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For the third and final part of VMG’s three part blog on better understanding appraisal management services and appraisal compliance, we will discuss outsourcing of the appraisal management process and the benefits. Click here to read Part I: PART I – Selecting and Engaging the Appraiser or Part II: PART II – Quality Assurance Reviews Part III… Read more »

Compliant Appraisal Management and Review Process – Part II

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Here is the second part of Valuation Management Group’s (VMG) three part blog to provide a better understanding of appraisal management services and appraisal compliance. In this segment, we will discuss the importance of having compliant quality technical appraisal reviews. Click here to read Part I: Part I – Selecting and Engaging the Appraiser Part… Read more »

Millennials Largest Group of Home Buyers

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First-time home buyers are on the rise this year, and according to new data from the National Association of Realtors Home Buyer and Seller Generational Trends report, millennials are the largest group of home buyers. The study found that 32 percent of all buyers are 34 and younger, part of the millennial generation. This is… Read more »

Residential Appraisal Review

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Collateral Underwriter (CU) has been the topic of conversation for lenders, appraisers, and appraisal management companies the past few months. All 3 groups want the same result: quality appraisal reports. Valuation Management Group (VMG) has always employed licensed or certified appraisers to review 100% of their appraisals. CU has added some items to the residential appraisal… Read more »

FDIC Releases Second Technical Assistance Video on CFPB Mortgage Rules

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Valuation Management Group (VMG) is pleased to read that the Federal Deposit Insurance Corporation (FDIC) announced the release of the second in a series of three technical assistance videos developed to assist bank employees in meeting regulatory requirements. These videos address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB). The first video,… Read more »