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#1258775 - 09/29/09 08:07 PM Appraisal Ordering Procedures
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
I am to write procedures and create a job in my department for the ordering of appraisals for non-residential property (residential ordering is done by mortgage servicing). This is for apartements, agricultural, land development and all other commercial real estate loans. What should I be looking for and considering for the procedures other than "Use next appraiser on the list - send letter"

We are not a small bank, but we are spread out in small rural communities with a very, very limited list of qualifed appraisers.

How do you determine who to choose for an apartment complex (income producing) vs. choosing for a self-inhabited commercial building?

Sorry if I rambling, but any help I can get would be appreciated.
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Lending Compliance
#1259387 - 09/30/09 05:56 PM Re: Appraisal Ordering Procedures HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Anyone?
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Just working here until I get my letter from Hogwarts.

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#1259812 - 10/01/09 12:10 AM Re: Appraisal Ordering Procedures HRH Okie Banker
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,926
Galveston, TX
Part of establishing an appraiser list and vetting approved appraisers is determining the qualifications of each appraiser. Your list should indicate what types of appraisals they are approved to do for your institution.
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#1260020 - 10/01/09 03:07 PM Re: Appraisal Ordering Procedures rlcarey
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Thanks for the comment. We do a pretty good job on our list. Our list breaks down Residential, Comm'l and Ag. Shoes, by what they are licensed for, which can do appraisals and which are limited to evaluations only. Goes further to show when they were added to the list, their capacity (Licensed, General..) and the list is reviewed and updated annually thru loan committee.

I'm wondering more what others are doing in the way of back-room clerical employees ordering appraisals. Our smaller community bank doesn't have the expertise, outside of the lenders, to discuss appraisal requirements when ordering. I would imagine that alot of other institions went thru the same growing pains when they moved that off the front line. How as that affected other institions and what problems are they seeing? I want to do the best job possible absorbing this task.
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Just working here until I get my letter from Hogwarts.

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