New Guidelines for Evaluations

Posted By: rachelchri

New Guidelines for Evaluations - 07/11/11 07:31 PM

I'm aware the new guidelines for Appraisals & Evaluations provides a nice laundry list of required items when doing an evaluation. Does anyone have a sample evaluation worksheet I could work from? Also, I have been told that because of the information used to produce a 'qualified' Evaluation, that means that now you have to give the customer a copy, or a right ot a copy of the evaluation; under ECOA. Is this correct?
Posted By: rlcarey

Re: New Guidelines for Evaluations - 07/11/11 08:35 PM

That requirement has always been the case. You would have been required to turn over any documentation you used to make a value determination.
Posted By: rachelchri

Re: New Guidelines for Evaluations - 07/12/11 06:18 PM

Oh no! We had no idea that was the case. What type of disclosure do you give to the customer? Would we give them a copy of our Evaluation worksheet along with any pictures taken?
Posted By: rlcarey

Re: New Guidelines for Evaluations - 07/13/11 08:02 PM

14(c) Definitions.
1. Appraisal reports. Examples of appraisal reports are:
i. A report prepared by an appraiser (whether or not licensed or certified), including written comments and other documents submitted to the creditor in support of the appraiser’s estimate or opinion of the property’s value.
ii. A document prepared by the creditor’s staff that assigns value to the property, if a third-party appraisal report has not been used.
iii. An internal review document reflecting that the creditor’s valuation is different from a valuation in a third party’s appraisal report (or different from valuations that are publicly available or valuations such as manufacturers’ invoices for mobile homes).
Posted By: rachelchri

Re: New Guidelines for Evaluations - 07/13/11 08:32 PM

Thank you for clarifying this for me!!