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#1737124 - 08/31/12 02:11 PM Appraisal "Evaluations"
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
Once the Interagency Appraisal Guidelines went into affect in 2010, are we able base the Value of the property soley on the Tax Value from a Title Search or previous years paid taxes? I remember reading someplace that this is no longer the case. Would someone be able to push me in the right direction?

thanks!
Last edited by rachelchri; 08/31/12 02:12 PM.
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#1737127 - 08/31/12 02:21 PM Re: Appraisal "Evaluations" rachelchri
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,961
Bloomington, IN
From the Iteragency guidelines:

Tax Assessment Valuations (TAVs)
An institution may not rely solely on the data provided by local tax authorities to develop an evaluation unless the resulting evaluation is consistent with safe and sound banking practices and these Guidelines. (See the Evaluation Development and Evaluation Content sections.) . . . .
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1737133 - 08/31/12 02:23 PM Re: Appraisal "Evaluations" Dan Persfull
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
Does this rule pertain to loans made under 250k?

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#1737140 - 08/31/12 02:31 PM Re: Appraisal "Evaluations" rachelchri
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,961
Bloomington, IN
If the transaction amount falls outside the requirements for an appraisal then an evaluation must be performed.

The evaluation rules apply to all loans.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1737148 - 08/31/12 02:38 PM Re: Appraisal "Evaluations" rachelchri
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
That is what I thought, Thanks Dan!!

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#1737427 - 08/31/12 08:30 PM Re: Appraisal "Evaluations" rachelchri
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
Would the Reg B notice "Notice of Right to Receive Copy of Appraisal or Valuation Report" pertain to Bank-performed Evaulations as well?

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#1737435 - 08/31/12 08:43 PM Re: Appraisal "Evaluations" rachelchri
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,961
Bloomington, IN
Yes. In most cases an in-house evaluation will meet the definition of an appraisal. For additional information review Reg B section 1002.14(c) and its Commentary.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1737436 - 08/31/12 08:44 PM Re: Appraisal "Evaluations" rachelchri
ProfitDefender Offline
100 Club
ProfitDefender
Joined: Dec 2010
Posts: 177
Midwest
Yes
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