Start Date: 6/27/2023 9:00 AM MDT
End Date: 6/27/2023 10:30 AM MDT
In recent months, the regulatory agencies have shined a spotlight on discriminatory appraisals. Accepting a discriminatory appraisal would increase your liability under FHA and ECOA, and cause consumer harm by limiting access to credit or increasing the costs of credit. To mitigate these risks, your institution should have a thorough appraisal review process in which each appraisal is independently assessed to ensure the quality is commensurate with the complexity of the subject property and transaction risk and is free of appraiser bias.
It is essential that financial institutions employ effective, independent appraisal and evaluation processes. Appraisers engaged to conduct appraisals and evaluations should have the knowledge and expertise to perform reviews in accordance with regulatory guidance and sound banking standards. This session will review a sample residential loan appraisal and identify what to look for and what may cause concern. It will guide you through a sample written policy, procedures, and sample checklists, and discuss how to identify and correct common mistakes made during the review process.