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Surviving an Appraisal Audit, Part I
Three little words: “you’re being audited.” Just the idea of an appraisal audit can make your head spin, but professionals insist an audit does not have to be a negative experience. We agree. Examiners perform commercial lending appraisal audits for three core reasons: To determine if banks and other lending institutions have properly reviewed […]
Read MoreSound Appraisal Policies Are Smart Business for Banks
Compliance with commercial real estate appraisal standards is smart business for banks. In addition to saving time and money, this approach also improves morale within the financial institution. Healthy financials and a healthy work environment means happy investors and customers. Learning from Alcoa and Paul O’Neill When Paul O’Neill took over as CEO of Alcoa […]
Read MoreThe Importance of Setting Borrowers’ Expectations for the Appraisal Process
People like to know what to expect. This is true in all relationships — both in and out of the business world. Of particular importance to commercial lenders is applying this truth to the appraisal process. Borrowers who know what to expect are better prepared for what lies ahead. Not only that, being upfront with […]
Read MoreWhat Banks Should Look For In An Appraisal Review Company
Following the Great Recession, the reputations of banks and appraisers suffered tremendously. The result has been increased scrutiny followed by more regulations and oversight. Whenever that is the case, the inevitable consequence is increased costs. The largest financial institutions can absorb those costs, but the vast majority of small to mid-size banks cannot. At least […]
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