Appraisal Procedures

This title is one of the many courses available in the AllRegs Education Package subscription program!

This course is intended to provide you with an overview of the appraisal and valuation process. It will start by introducing you to the appraiser and summarizing appraiser qualifications. The course also examines what appraisers can and cannot do. After completing this course, you will have a better understanding of the need for appraiser independence and of automated valuation models (AVMs). Finally, this course will provide you examples of fraud as they relate to appraisals and the mortgage industry.

What will I learn?

  • Recognize appraisal licensing and certification agencies
  • Distinguish the role of the appraiser
  • Identify appraiser qualifications
  • Recognize the components of the valuation process
  • Distinguish characteristics of automated valuation models (AVMs)
  • Identify appraiser independence requirements
  • Define fraud and identify its consequences

Course Agenda

Appraisal Procedures

  • Introduction
  • The History of the Appraisal
  • Beginning of Regulation

Recognize appraisal licensing and certification agencies

  • The Appraisal Foundation
  • Ethical Standards Example
  • Performance Standards Example
  • Appraiser Qualifications Board
  • The Appraiser Foundation
  • State Appraisal Boards
  • Agency Review Question

Distinguish the role of the appraiser

  • Who is an Appraiser?
  • Valuation Services
  • The Appraisal Practice
  • Competency
  • Appraisal Problems
  • The Appraiser
  • Value
  • Appraisal Management Companies (AMCs)

Identify appraiser qualifications

  • Appraiser Categories
  • Complex Properties
  • Experience Levels
  • Education Requirements
  • Appraiser Trainees
  • Appraiser Qualifications
  • Finding an Appraiser
  • Agency Review Question

Recognize the components of the valuation process

  • The Valuation Process
  • The Valuation Process
  • Definition of the Problem
  • The Client
  • The Intended User
  • URAR
  • Extraordinary Assumptions
  • Extraordinary Assumption Example
  • Scope of Work
  • Scope of Work - Considerations
  • URAR and Scope of Work
  • The Ideal Property
  • An Older House
  • Large Land Parcel
  • Large Land Parcel

Distinguish characteristics of automated valuation models (AVMs)

  • Automated Valuation Models
  • AVMs
  • Dodd-Frank and AVMs
  • Fannie Mae and AVMs
  • AVM Strengths
  • AVM Weaknesses

Appraiser Independence Requirements (AIR)

  • Objective
  • Appraiser Independence
  • Fannie Mae and Freddie Mac
  • Appraiser Independence
  • Lender Pressure
  • Examples of Lender Pressure
  • Overvaluation
  • Appraiser Independence Example
  • Overvaluation Example
  • Borrower Copies
  • Appraiser Engagement

Define fraud and identify its consequences

  • Fraud
  • Appraisal Fraud
  • Example Appraisal Fraud
  • Bank Fraud
  • Misrepresentations on the 1003
  • Mortgage Fraud
  • Mortgage Fraud Example

Course Audience

  • Appraisers
  • MLOs
  • Processors
  • Underwriters

Course Length

38 mins (approximate)

How it works

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles, real world examples, and, where appropriate, video and/or audio recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. While course completion time varies per student, it will take approximately one hour to complete most courses.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

*Restrictions apply. If your staff size exceeds 250, please consider the Enterprise AllRegs Education Package.