Appraisal Policy
This Appraisal Policy addresses the requirements for appraisals and evaluations made pursuant to loan activities for a bank, credit union, fintech company, or other type of financial institution. The appraisal and evaluation standards incorporate current federal regulatory policy guidelines governing the procedures to obtain formal appraisals and evaluations on real estate secured loans, and the policy sets forth the frequency and content of appraisals and evaluations and describes the real estate appraisal review process.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Independence of the Appraisal and Evaluation Program – Topic 4
- Selection of Appraisers or Persons Who Perform Evaluations – Topic 5
- Transactions that Require Appraisals or Evaluations – Topic 6
- Appraisal Exemptions – Topic 7
- Minimum Appraisal and Evaluation Standards – Topic 8
- Reconsiderations of Value of Residential Real Estate Valuations – Topic 9
- Appraisal and Evaluation Development – Topic 10
- Appraisal Reports – Topic 11
- Review and Analysis of Appraisals – Topic 12
- Third-Party Arrangements – Topic 13
- Other Evaluation Methods – Topic 14
- Fee Collection – Topic 15
- Regulation B Applicability – Topic 16
- Regulation Z Applicability – Topic 17
- Fannie Mae/Freddie Mac Applicability – Topic 18
- Appraisal Management Company Requirements – Topic 19
- Valuation Discrimination and Bias in Residential Lending – Topic 20
- Audit Policy – Topic 21
- Staff Training – Topic 22
- Retention of Documentation – Topic 23
Recent updates to this product:
08/01/24 Update
Joint Release – Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
07/15/24 Update
Joint Release – Quality Control Standards for Automated Valuation Models
03/04/24 Update
FFIEC Press Release – Statement of Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
This Appraisal Policy (approximately 75 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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