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What's New

Interagency Appraisal and Evaluation Guidelines

The new Interagency Appraisal and Evaluation Guidelines have caused quite a stir with many of my credit union clients.  The area of greatest concern pertains to assessing the actual physical condition of the subject property when an appraisal is not being performed (evaluation).  I have developed a service that I believe will be a cost effective way to comply with the new guidelines.  For $50.00 I will provide a condition report for the subject property that includes exterior photos, interior photos, and a brief summary of the condition of the property. Any needed repairs or deferred maintenance will be noted in the report.  I will not measure the home or provide a valuation of any kind.  For those clients who would also like me to perform a neighborhood market analysis (Value trends, supply and demand, days on market, etc...) I would include that in the report for an additional $50.00. Below is a link to a PDF version of the Evaluation Report that I will be using.  Please click on the link, print out the form, and then use your browser's back button to return to this page.   

Report Link:  http://thenopra.appraiserxsites.com/xSites/Appraisers/thenopra/Content/UploadedFiles/EVALUATION%20REPORT.PDF

As you can see, the report has 5 basic sections: 

1. Borrower/Subject Property Information
2. Area and Neighborhood Description and Analysis
3. Site Description and Analysis
4. Description of Subject Property Improvements
5. Valuation Analysis. 

For the condition report ($50.00), I will fill out sections 1, 3, and 4.  For the condition and market analysis report ($100.00), I will fill out sections 1 - 4. I will not be filling out the valuation section of the report. It is understood that you will be determining the market value of the subject.

With the interior photos and brief condition analysis, this report will allow you to know the current physical condition of the subject property and document it in your evaluation file.  At this time, the NCUA itself does not know what they will require for compliance on this topic- the guidelines are simply too new. But many of my clients have expressed to me the desire to have a cost effective interior inspection of a property, even if the LTV is 35% or less and even if the NCUA does not mandate it in the future.  Sometimes it's just good to know what you are lending money on, regardless of the risk involved.

If you are interested in this service, I would suggest analyzing your current evaluation procedures to see how the condition report, and/or the market analysis report could be used to replace or supplement currently used reports.  If you would like to preview a finished report, or have additional questions, shoot me an email. If you are ready to go, simply click the client login button.  Enter your login information or create a new account. once in your account area, click on new web order.  On the order screen, use the "job type" drop down menu to choose the evaluation report you would like.  Lastly, you can provide additional instructions or comments in the notes section at the bottom of the order screen.