APPRAISALS OF REAL PROPERTY. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to ensure compliance with the appraisal and evaluation requirements, for loans and other real estate owned, in accordance with 12 C.F.R 34 and OCC Bulletin 2005-6. The requirements for appraisals and evaluations shall be detailed in the Bank’s Credit Policy.
(2) Within ten (10) days, the Board shall submit a draft engagement letter to the Assistant Deputy Comptroller for determination of no supervisory objection. Within sixty (60) days following such supervisory non-objection, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide:
(a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where:
(i) the loan was criticized in the XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or
(ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or
(iii) the loan exceeds one million dollars ($1,000,000), and the most recent independent appraisal is more than twelve (12) months old.
(b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34.
(3) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals.
(4) For transactions that do not require the services of a State certified or licensed appraiser according to 12 C.F.R. 34.43(a)(1), (a)(5) or (a)(7), the Bank shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices.
(5) All such appraisals and evaluations shall be completed within sixty (60) days following the engagement of the appraiser(s), and certification by the Board attesting to the completion of the appraisals and evaluations shall be forwarded to the Assistant Deputy Comptroller within forty-five (45) days following re...
APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property:
(a) where the loan’s appraisal was found to violate 12 C.F.R. Part 34; or
(b) where the loan was criticized in the most recent XXX or by the Bank's internal or external loan review and the most recent independent appraisal is more than twelve (12) months old; or
(c) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old.
(2) Appraisals required by this Article shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering.
(3) Within ninety (90) days, the Board shall require and the Bank shall develop and implement an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. The appraisal review and analysis process shall ensure that appraisals are:
(a) performed in accordance with 12 C.F.R. Part 34;
(b) consistent with the guidance in OCC Bulletin 2005-6, "Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions" (March 22, 2005); and
(c) consistent with OCC Advisory Letter 2003-9, "Independent Appraisal and Evaluation Function" (October 28, 2003).
(4) Written documentation supporting each appraisal review and analysis shall be retained in the loan file, along with the appraisal.
APPRAISALS OF REAL PROPERTY. (1) Within sixty (60) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide:
(a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where:
(i) the loan was criticized internally, in the XXX or by the Bank’s internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or
(ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or
(iii) the loan is supported by an appraisal that was ordered, reviewed or approved by the loan officer.
(b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34.
(2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals.
(3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred twenty (120) days.
APPRAISALS OF REAL PROPERTY. (1) Within thirty (30) days, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide:
(a) a written or updated appraisal, in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral behind any extension of credit where:
(i) the loan was criticized in the XXX or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old; or
(ii) accrued interest or loan fees have been or will be added to the outstanding principal balance, and the most recent independent appraisal is more than twelve (12) months old; or
(iii) the loan exceeds two hundred fifty thousand dollars ($250,000), and the most recent independent appraisal is more than twelve (12) months old.
(b) a written appraisal on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34.
(2) The Board shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. The details surrounding any and all other instructions given to the appraiser(s) by the Bank, whether written or oral, shall be provided to the Assistant Deputy Comptroller for review prior to the appraiser(s) undertaking the actual appraisals.
(3) All such appraisals shall be completed within ninety (90) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred and twenty (120) days.
APPRAISALS OF REAL PROPERTY. (1) The Board shall require and the Bank shall obtain a current independent appraisal or updated appraisal or evaluation, in accordance with 12 C.F.R. Part 34, on any loan that is secured by real property:
(a) where the loan’s appraisal or evaluation was found to violate 12 C.F.R. Part 34; or
(b) where the loan was criticized in the most recent XXX or by the Bank's internal or external loan review and the most recent independent appraisal is more than twelve (12) months old; or
(c) where the borrower has failed to comply with the contractual terms of the loan agreement and the loan officer’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old.
(2) Appraisals required by this Article shall be ordered within thirty (30) days following the event triggering the appraisal requirement, for delivery to the Bank within sixty (60) days of ordering.
APPRAISALS OF REAL PROPERTY. (1) Within sixty (60) days, the Board shall ensure the implementation of policies and controls to ensure full compliance with 12 C.F.R.
APPRAISALS OF REAL PROPERTY. (1) Effective immediately, the Bank shall order real estate appraisals and evaluations in compliance with the requirements of 12 C.F.R. §§ 34.43, 34.44, and 34.45, and 34.46.
(2) Within 60 days, the Board shall adopt, implement, and thereafter ensure adherence to a written real estate valuation program designed to ensure that the Bank assesses and maintains current information on the adequacy of collateral securing its real estate loans. The program shall, at a minimum;
(a) provide for the independence of the persons ordering, performing, and reviewing appraisals;
(b) ensure that appraisals contain sufficient information to support the appraised value;
(c) maintain criteria for content and appropriate use of real estate evaluations;
(d) implement internal controls that promote compliance with the appraisal regulation, the Interagency Appraisal and Evaluation Guidelines, and industry appraisal standards; and
(e) establish criteria for obtaining appraisals or evaluations for transactions that are not otherwise covered by regulatory requirements.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
APPRAISALS OF REAL PROPERTY. (1) As of the date of this agreement, the Board shall ensure take the necessary steps to ensure that the Bank complies with the appraisal regulation found in 12 C.F.R. Part 34, to include, at a minimum:
(a) amending the Bank’s policies and procedures to ensure compliance with 12 C.F.R. part 34; and
(b) ensuring that all appropriate Bank personnel receiving proper training regarding the appraisal requirements found in 12 C.F.R. Part 34.
APPRAISALS OF REAL PROPERTY. (1) Effective immediately, the Bank shall, in connection with all applicable future loans, order real estate appraisals and evaluations in compliance with the requirements of 12 C.F.R. §§ 34.43, 34.44, and 34.45, and 34.46.
(2) Within ninety (90) days, the Bank shall obtain a current written appraisal or evaluation for each existing real estate loan where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34.
(3) Within sixty (60) days, the Board shall adopt a written real estate valuation program designed to ensure that the Bank assesses and maintains current information on the adequacy of collateral securing its real estate loans. The program shall, at a minimum;
(a) establish criteria and timeframes for obtaining new appraisals or collateral valuations which, at a minimum, address:
(i) changes in market conditions;
(ii) changes in project plans, specifications or assumptions;
(iii) the condition of the underlying property;
(iv) the loss of significant leases; and
(v) the loss of take-out commitments.
(b) provide for the independence of the persons ordering, performing, and reviewing appraisals or valuations;
(c) ensure that appraisals or valuations contain sufficient information to support the appraised value;
(d) maintain criteria for content and appropriate use of real estate evaluations or collateral valuations; and
(e) implement internal controls that promote compliance with the appraisal regulation, the Interagency Appraisal and Evaluation Guidelines, and industry appraisal standards.
(4) Within five (5) days of adoption, a copy of the program shall be forwarded to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall immediately implement and ensure Bank adherence to the written real estate valuation program.
APPRAISALS OF REAL PROPERTY. (1) Effective immediately, the Board shall engage the services of an independent, professionally certified, or licensed appraiser(s) to provide and shall obtain:
(a) a written or updated appraisal, completed in accordance with 12 C.F.R. Part 34, for each parcel of real property that represents primary collateral securing any new or renewed extension of credit prior to credit origination where an appraisal is required pursuant to 12 C.F.R. Part 34.
(b) a written appraisal completed on each parcel of Other Real Estate Owned where it is needed to bring the Bank into conformity with the provisions of 12 C.F.R. Part 34.
(2) Effective immediately, prior to originating or renewing any credit transaction where an evaluation is required subject to 12 C.F.R. Part 34, the Bank shall obtain an appropriate evaluation of the real property completed in accordance with the Commercial Real Estate and Construction Lending booklet, A-CRE, of the Comptroller’s Handbook.
