Consumer Real Estate Appraisal Reviews: Do You Know What to Look For?
A consumer real estate appraisal can support a sound credit decision or expose your institution to underwriting, fair lending, and compliance risk. Do you know how to identify red flags before they become findings? Using a sample residential appraisal and evaluation, this webinar will examine the role of appraisal reviews in a strong underwriting process and what is required for compliance with interagency guidance on reconsiderations of value for residential real estate valuations.
KEY WEBINAR TAKEAWAYS
- The appraisal rule and USPAP requirements
- When a full appraisal is required and when an evaluation may be utilized
- Implementing a comprehensive appraisal review process for consumer real estate appraisals
- Identifying potential fair lending issues and bias in appraisals and AVMs
- Procedures for responding to reconsideration of value requests
BONUS MATERIALS
- Consumer real estate appraisal checklist
- Consumer real estate evaluation checklist
- Reconsideration of Value (ROV) sample policy language and tools
WEBINAR DETAILS
A thorough appraisal review is essential to a sound underwriting process. This session will explore a sample residential real estate appraisal and evaluation and identify what to look for and what may raise concern. We’ll consider the quality control standards for automated valuation models (AVMs) and examine appraisal practices through a fair lending lens. Participants will learn how to identify potential discrimination within an appraisal report and the procedures required to comply with interagency guidance on reconsiderations of value for residential real estate valuations.
