""Veros"":http://www.veros.com, a California-based provider of collateral valuation technology, enterprise risk management, and predictive analytics, recently ""released a white paper"":http://www.veros.com/downloadsinteragencyguidelinesinsight.pdf titled ""Interagency Appraisal & Evaluation Guidelines: Insights into Understanding and Integrating the New Guidance.""
[IMAGE] The white paper is free and ""available for download"":http://www.veros.com/downloadsinteragencyguidelinesinsight.pdf on the company's Web site, ""Veros.com"":http://www.veros.com.
According to Veros, the paper seeks to clarify the expanded language in the Interagency Appraisal & Evaluation Guidelines ""issued by federal regulators"":http://dsnews.comarticles/federal-reserve-and-other-agencies-release-new-appraisal-guidelines-2010-12-02 in December, which outlines concepts of real estate appraisal and evaluation requirements including automated valuation model (AVM) usage and tools for other research.[COLUMN_BREAK]
The guidelines were originally written and published in 1994 and then revised by regulators in 2010 to explain the agencies' minimum standards for appraisals and incorporate recent supervisory issuances on appraisal practices.
""The real estate and mortgage industries have experienced a constant evolution of technology development and legislative change that directly impact how appraisers do business as well as how the value of residential properties are assessed,"" said William E. King, director of valuation initiatives at Veros Real Estate Solutions.
""It is critical that professionals have an accurate understanding of the new regulations to ensure compliance so that these industries can continue to function at optimum levels,"" Kind added.
At the core of the white paper is a reminder to readers that the five basic requirements established in the original 1994 guidelines remain unchanged. The 2010 revisions attempted to broaden the knowledge base for industry professionals and increase compliance.
The paper also reiterates the importance of appraisal and evaluation independence by outlining how regulated institutions can achieve and maintain this independence for their collateral valuation programs.