The 2010 Interagency Appraisal and Evaluation Guidelines are specific. An examiner is directed to review the appraisal report itself, to determine if it complies with appraisal regulations (USPAP) and supervisory guidelines as well as the community bank/credit union policies. Of course, they will also review the procedures that the lender should have in place to ensure that the appraiser is qualified,not subject to conflicts of interest, and again most importantly that board approved appraisers have quality and professionalism scores.
Community bank/credit unions that do not have compliant policies and procedures in place, will be cited in the examination report, and might be criticized for unsound and unsafe practices.
Community bank/credit unions that do not have compliant policies and procedures in place, will be cited in the examination report, and might be criticized for unsound and unsafe practices.