* Please note that the recording will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. The recording will come in the form of a web link via e-mail from firstname.lastname@example.org. The PowerPoint slides that correspond with the recording will be automatically delivered upon purchasing via email from the website.
The effects of COVID-19 haunt our nation and its citizens. More Americans than ever have needs for immediate cash. For those with equity in a home, cash can be readily available. Nevertheless as borrowers and their lenders rush to complete loans they are running into numerous roadblocks, and many of those roadblocks involve issues related to obtaining a quick appraisal on their property.
Jack Holzknecht interviewed Eric Collinsworth, one of the nation’s top appraisal experts, to find ways to speed up the appraisal process so your customers can quickly obtain the money they desperately need, in a manner that will satisfy the examiners, investors, and others who may want to second guess the action in the months and years after the COVID-19 crisis passes.
In order to get this information to you as quickly as possible we opted for a recorded interview rather than the usual webinar. Normally the program brochure is published and there are several weeks of marketing time to allow registrations to build. In this case, the questions were compiled; the program was recorded and became immediately available for delivery. Then the marketing began. Those responding quickly to this offer receive the completed recording within 48 hours of the time the program was conceived.
The cost for the recording is much less than the typical cost of a webinar. Unlimited access to the recording is available for a year after the release of the recording. The link to the recording can be shared with all members of your team, even those working remotely. The conversation we begin in the recording will be continued in the Compliance Resource Forum. You can follow along in the “Impact of Covid_19 on Appraisal Issues” forum.
This recording provides practical answers to numerous appraisal related questions we have received in recent weeks. Access to our Forum allows those who purchase the recording to ask unlimited questions on this topic.
Questions to be addressed in the interview include:
- We have heard that interior inspections have become an issue, either because the appraiser won’t enter the property (fear of catching COVID 19) or the property owner won’t allow the appraiser to enter the property. What are the alternatives to interior inspections?
- Are there any loans that would not apply to these options? (I will discuss HPML loans here)
- How do shelter in place orders affect appraisers’ practices and the appraisal process? Should financial institutions look to state orders to know if there are restrictions that apply to appraisals? If so, where can we find these? What can our bank expect from appraisers right now and what adjustments can our bank make to help accommodate appraisers?
- As the economy continues to observe these quarantine requirements, there is some likelihood that property values may decline. How is that potential decline handled in an appraisal?
- As unemployment increases, the likelihood of a decline in revenues from rental properties increases. How is that handled in an appraisal?
- We are hearing of delays in conducting appraisals, recording deeds and mortgages. All of these issues impact current comparables. Is this affecting the quality of the appraisals?
- The Federal Reserve Board’s recent rate drops have reduced rates to historic lows. How has the low rates impacted the volume of refinances and therefore the demand for appraisals?
- People have urgent needs for cash. Quick turnaround is paramount. What are the options for reducing loan volume?
- Evaluations instead of appraisals
- Abundance of Cautions liens
- Renewal (Is that the same as a refinance? Same as a modification? – Is an appraisal needed?)
- We’ve heard that the FHFA and VA has provided some information and, in some cases flexibility, on appraisals due to COVID-19. Can you explain? Have any other agencies, including banking agencies, issued COVID-19 appraisal related guidance?
This informative recording is designed for everyone associated with the mortgage loan origination process, including lending department management, lenders, compliance officers, auditors, risk managers and anyone else involved in originating mortgage loans.
Eric Collinsworth has been actively involved in the real estate industry since 2004. He became an affiliate broker in 2005 and received the TN Certified Residential Appraiser designation in 2006. Eric is a compliance expert familiar with valuation related regulations. He also teaches regulatory compliance to community bankers and other associations throughout the United States.
Eric has worked for and with community banks in Tennessee and throughout the United States. He served in a supervisory role for a multi-billion dollar financial institution headquartered in Middle Tennessee and was responsible for developing compliance forms, appraisal policies, appraisal reviews, appraisal training, and market analyses, as well as the management of the day to day operations of the appraisal department. In October 2011, Eric formed Appraisal Advisory Associates, LLC in order to share his growing knowledge and expertise and to fill a need he recognized within smaller community banks for sound advice relating to the regulatory changes in the real estate valuation portion of the industry. Since then, he has partnered with others to form three other companies in the real estate valuation industry.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 44 years. In 39 years as a trainer over 147,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.