Broker Price Opinions are not evaluations
06/12/2022
Can we use a realtor’s BPO (Broker Price Opinion) for an evaluation?
Eric Collinsworth, owner of Appraisal Advisory Associates, LLC and co-owner of Valuation Compliance Services, LLC has been actively involved in the appraisal industry since 2004. He received the Certified Residential Appraiser designation in 2006. For the first 4 years of his appraisal career, he worked exclusively on residential property appraisal in the Middle Tennessee area, with a focus on OREO and high-end properties. Since 2008, he has worked for and with community banks in Tennessee and throughout the Eastern United States. He served in a supervisory role for a multi-billion dollar financial institution headquartered in Middle Tennessee and was responsible for developing compliance forms, appraisal policies, appraisal reviews, appraisal training, and market analyses, as well as the management of the day to day operations of the appraisal department. In October 2011, Eric formed Appraisal Advisory Associates, LLC in order to share his growing knowledge and expertise and to fill a need he recognized within smaller community banks for sound advice relating to the regulatory changes in the real estate valuation portion of the industry. He works closely with community bankers associations in many states to provide training on how to apply the regulatory requirements and guidelines for the real estate valuation process. In 2014, Valuation Compliance Services, LLC was created in order to provide appraisal and evaluation review services to a growing client base. Eric also works closely with a Nashville based appraisal management company to provide full appraisal management services to community banks.
06/12/2022
Can we use a realtor’s BPO (Broker Price Opinion) for an evaluation?
06/05/2022
Is it acceptable to use the same Review form for all types of appraisals (residential, commercial, evals, etc.)?
05/29/2022
My appraiser has indicated they can’t include an “As is” value in the same report as a “Subject to” value. He is saying it is a USPAP violation. Is this correct?
05/22/2022
Can we tell an appraiser to leave out an approach in a report in order to save on the cost of the appraisal?
05/15/2022
Can a residential appraiser complete an appraisal for us on a transaction involving 6 residential lots?
04/03/2022
We have been notified by the borrower that an appraisal was completed by an appraiser on our approved list recently on their property. Can we contact that appraiser and ask them to readdress the report to our bank?
03/27/2022
We do not review evaluations since they are completed in-house by an officer of the bank. Is this acceptable?
03/20/2022
When is an “As Is” value required?
03/13/2022
Our current review form consists of a checklist of about 10-15 questions and we use the same forms for all of our reports. Is this form detailed enough for our in-house review process?
03/06/2022
What are the regulators’ requirements for the reviewer? Do they need to be an appraiser?