As part of Valuation Management Group’s appraisal review process, the quality assurance reviewer is ensuring that the USPAP required concept of exposure time is addressed and supported, and differentiated from the estimated marketing time. USPAP defines Exposure Time as the “estimated length of time that the property interest being appraised would have been offered on… Read more »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »