REAL ESTATE VALUATIONS. (1) Within sixty (60) days, the Board shall obtain a current appraisal or evaluation, as appropriate, of the real estate securing each of the loans on the list provided to management and included in the appendix section of the XXX.
(2) Within ninety (90) days of receipt of each of the appraisals or evaluations obtained pursuant to paragraph (1) above, the Board shall review and evaluate management's reassessment of the risk rating and accrual status of such loan, as well as the amount of impairment, if any, in accordance with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan.
(3) Within sixty (60) days, the Board shall develop, implement and ensure adherence to a process to ensure that real estate collateral is reappraised in a timely manner to support problem loan identification, work-out strategies, identification of impairment, and impact to ALLL. The process should include criteria for when appraisals should be updated, such as when a credit deteriorates, when there are materially negative market trends, or when stress testing indicates concentrations are increasingly susceptible to market variances.
(4) Within sixty (60) days, the Board shall develop, implement and ensure adherence to criteria for obtaining appraisals or evaluations for transactions that are not otherwise covered by regulatory requirements.
REAL ESTATE VALUATIONS. (1) Within ninety (90) days, the Board shall obtain a current appraisal or evaluation, as applicable, of the real estate securing each of the loans listed in the XXX.
(2) The appraisals obtained pursuant to paragraph (1) above and all future appraisals shall conform to the minimum appraisal standards set forth at 12 C.F.R. § 34.44 and the evaluations shall conform to the guidelines for evaluations set forth in the “Interagency Appraisal and Evaluation Guidelines” dated October 27, 1994. (Also, see “Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions” dated March 22, 2005.)
(3) Within thirty (30) days of receipt of each appraisal or evaluation obtained pursuant to paragraph (1) above, the Board shall reassess the risk rating and accrual status of the loan, as well as the amount of impairment, if any, in accordance with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan.
(4) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a real estate appraisal and evaluation review process.
REAL ESTATE VALUATIONS. (1) Within thirty (30) days, the Board shall revise the Bank’s written policies and procedures governing valuation of real estate collateral to ensure the safety and soundness of the Bank’s real estate lending activities. The Bank’s policies and procedures shall be consistent with the guidelines set forth in the Federal Financial Institutions Examination Council’s “Interagency Appraisal and Evaluation Guidelines,” dated December 10, 2010 (OCC Bulletin 2010-42), and “Uniform Retail Credit Classification and Account Management Policy,” dated June 20, 2000 (OCC Bulletin 2000-20), and at a minimum must include:
(a) a requirement that the Bank will obtain an appraisal or perform an appropriate evaluation, as applicable, for all real estate related financial transactions, consistent with the standards and requirements in 12 C.F.R. Part 164;
(b) standards for when the Bank will reevaluate or reappraise real estate collateral to support timely problem loan identification, work-out strategies, identification of impairment, and impact to the ALLL, with requirements distinguishing when an appraisal, as opposed to an evaluation, will be required under certain circumstances;
(c) an effective appraisal and evaluation review process, consistent with OCC Bulletin 2010-42; and
(d) criteria for obtaining appraisals or performing evaluations for transactions that are not otherwise covered by regulatory requirements.
(2) Upon revision, the Board shall submit a copy of the policies and procedures required by this Article, and any subsequent amendments or changes to those policies and procedures, to the Assistant Deputy Comptroller for determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall promptly adopt, implement, and thereafter ensure adherence to the policies and procedures.
REAL ESTATE VALUATIONS. (1) Within ninety (90) days, the Board shall obtain a current appraisal or evaluation, as applicable, of the real estate securing each of the commercial loans lacking an appropriate appraisal or evaluation as well as ensuring current appraisals are obtained on all Other Real Estate Owned (OREO).
(2) The appraisals obtained pursuant to paragraph (1) above shall conform to the minimum appraisal standards set forth at 12 C.F.R. § 164.4 and the evaluations shall conform to the guidelines for evaluations set forth in the “Interagency Appraisal and Evaluation Guidelines” dated December 10, 2010 (OCC Bulletin 2010-42).
(3) Within forty-five (45) days of receipt of each appraisal or evaluation obtained pursuant to paragraph (1) above, the Board shall reassess the risk rating and accrual status of the loan, as well as the amount of impairment, if any, in accordance with FASB ASC 310-10, Receivables - Overall - Subsequent Measurement – Impairment.
(4) Within ninety (90) days, the Board shall develop, implement and ensure adherence to a process to ensure that real estate collateral is revalued in a timely manner to support problem loan identification, work-out strategies, identification of impairment, OREO and impact to ALLL. The process should include criteria for when appraisals or evaluations should be updated, such as when a credit deteriorates, when there are materially negative market trends, or when stress testing indicates concentrations are increasingly susceptible to market variances.
REAL ESTATE VALUATIONS. (1) Within thirty (30) days, the Board will order a current appraisal or evaluation, as applicable, of the real estate securing each of the loans on the list provided to management, as also outlined in the XXX.
(2) The appraisals obtained pursuant to paragraph (1) above will conform to the minimum appraisal standards set forth at 12 C.F.R. § 34.44 and the evaluations will conform to the guidelines for evaluations set forth in the Interagency Appraisal and Evaluation Guidelines dated October 27, 1994. (Also, see Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions dated March 22, 2005.)
(3) Within thirty (30) days of receipt of each appraisal or evaluation obtained pursuant to paragraph (1) above, the Board will reassess the risk rating and accrual status of the loan, as well as the amount of impairment, if any, in accordance with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan.
(4) Within 60 days, the Board will adopt, implement, and thereafter ensure adherence to a 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 will, at a minimum:
(a) require that appraisal reviews affirmatively state whether appraisals contain sufficient information to support the appraised value;
(b) require that appraisal reviews include a narrative summary concluding on the appropriateness of the appraiser’s assumptions and the overall quality of the appraisal;
(c) contain 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.
(5) Upon adoption, a copy of the program will be forwarded to the Assistant Deputy Comptroller for review and determination of no supervisory objection.
(6) The Board will ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
REAL ESTATE VALUATIONS. (1) Within sixty (60) days, the Board shall obtain a current appraisal or evaluation, as applicable, of the real estate securing each of the loans listed in the XXX as lacking an appropriate appraisal or evaluation.
(2) Within sixty (60) days, the Board shall revise existing written policies and procedures governing the Bank’s valuation of real estate collateral to ensure the safety and soundness of the Bank’s real estate lending activities. Immediately upon revision, the Board shall adopt, implement, and thereafter ensure adherence to the revised policies and procedures. The Bank’s policies and procedures shall be consistent with the Interagency Appraisal and Evaluation Guidelines, dated December 10, 2010, and at a minimum must include:
(a) a requirement that the Bank will obtain an appraisal or perform an appropriate evaluation, as applicable, for all real estate related financial transactions, consistent with the standards and requirements in 12 C.F.R. Part 164;
(b) standards for when the Bank will reevaluate or reappraise real estate collateral to support timely problem loan identification, work-out strategies, identification of impairment, and impact to the ALLL, with requirements distinguishing when an appraisal, as opposed to an evaluation, will be required under certain circumstances;
(c) an effective appraisal and evaluation review process, consistent with Section XV of the Interagency Appraisal and Evaluation Guidelines; and
(d) criteria for obtaining appraisals or performing evaluations for transactions that are not otherwise covered by regulatory requirements.
REAL ESTATE VALUATIONS. (1) Within ninety (90) days, the Board shall ensure that the Bank obtains a current appraisal or evaluation, as applicable, of the real estate securing each of the loans on the list provided to management by supervisory correspondence dated August 6, 2008.
(2) Within forty-five (45) days of receipt of each of the appraisals or evaluations obtained pursuant to paragraph (1) above, the Board shall reassess the risk rating and accrual status of the loan, as well as the amount of impairment, if any, in accordance with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan.
REAL ESTATE VALUATIONS. Without limiting the provisions of Section 16.1 or any other provisions of the Loan Agreement, Borrower agrees that Agent shall have the right to obtain appraisals and other valuations, and environmental audits and reviews of all real estate with a fair market value of $2,000,000 or more (“Specified Real Estate”) which is listed on the Schedule of Unencumbered Real Estate attached hereto. Within 45 days of the date of this Agreement, except as otherwise agreed in writing by Required Lenders, Agent shall order appraisals on the Specified Real Estate. Borrower shall promptly provide to Agent such information as Agent requests to enable it to obtain such appraisals and other information regarding the Specified Real Estate. Borrower agrees to pay or reimburse Agent on demand for the costs of such appraisals and other valuations, environmental audits and reviews and other costs incurred by Agent in determining the value and condition of the Specified Real Estate.
REAL ESTATE VALUATIONS. (1) Within sixty (60) days, the Board shall obtain a current appraisal or evaluation, as appropriate, of the real estate securing each of the loans discussed in the Violations of Laws and Regulations section of the XXX.
(2) Within ninety (90) days of receipt of each of the appraisals or evaluations obtained pursuant to paragraph (1) above, the Board shall review and evaluate management's reassessment of the risk rating and accrual status of such loan, as well as the amount of impairment, if any, in accordance with FASB ASC 310-10, Receivables-Overall-Subsequent Measurement-Impairment (formerly known as, FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan.)
(3) Within sixty (60) days, the Board shall provide appropriate training to Bank personnel to ensure adherence to the Bank’s Real Estate Lending Policy and the requirements of the regulation.
(4) Within sixty (60) days, the Board shall develop, implement, and ensure adherence to a process to ensure that real estate collateral is reappraised in a timely manner to support problem loan identification, work-out strategies, identification of impairment, and impact to the Allowance for Loan and Lease Losses. The process shall include criteria for when appraisals are to be updated, such as when a credit deteriorates, when there are materially negative market trends, or when stress testing indicates concentrations are increasingly susceptible to market variances.
REAL ESTATE VALUATIONS. (1) Within ninety (90) days, the Board shall obtain a current appraisal or evaluation, as applicable, of the real estate securing each of the commercial loans lacking an appropriate appraisal or evaluation as well as ensuring current appraisals are obtained on all Other Real Estate Owned (OREO).
(2) The appraisals obtained pursuant to paragraph (1) above shall conform to the minimum appraisal standards set forth at 12 C.F.R. § 164.4 and the evaluations shall conform to the guidelines for evaluations set forth in the “Interagency Appraisal and Evaluation Guidelines” dated December 10, 2010 (OCC Bulletin 2010-42).
(3) Within forty-five (45) days of receipt of each appraisal or evaluation obtained pursuant to paragraph (1) above, the Board shall reassess the risk rating and accrual status of the loan, as well as the amount of impairment, if any, in accordance with FASB ASC 310-10, Receivables - Overall -
