Don’t Defer Appraisals or Valuations to Tomorrow! They Can Still Be Done in Today’s Market!
On April 14th, the federal banking agencies issued a final interim rule allowing lenders to defer appraisals.
But why take unnecessary risk during this crisis by deferring appraisals when Accurate Group has a solution for any inspection assignment?
The best solution, under current guidelines, is an iValueNet™ Appraisal using either an onsite inspection or an inspection by Directed Remote Data Collection (DRDC) when access to the property is impractical.
Reasons Not to Defer:
- New guidance pertains to only a small portion of portfolio loans
- Postponing valuations can present problems in supporting values in appraisals made retrospectively up to 120 days after loan closing
- Deferring valuations requires setting a system to track files where the valuation was deferred, requiring additional time and money
- Suspending valuations 120 days doesn’t guarantee a traditional inspection will be possible at that time
Benjamin Franklin said it best! Don’t put off to tomorrow what you can do today!
Accurate Group’s solutions provide timely, cost effective and accurate values for all loan types during this challenging time.
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