This position is responsible for reviewing and performing written appraisal reports on commercial and special-use properties in compliance with underwriting standards.
Responsibilities include but are not limited to:
- Maintain contact with various departments to resolve problems relative to requests for appraisal work.
- Monitor and evaluate the impact of changes in the commercial appraisal profession and recommend changes in official Valley National Bank Appraisal policies and procedures as appropriate.
- Responsible for processing appraisal requests and customer billing to ensure that the skill level of outside fee appraisers is sufficient and that the fee quotes are reasonable.
- Review appraisals to ensure that the methodology, market data and analysis are reasonable and that the report conforms to USPAP and Valley National Bank standards.
- Travel to properties for primary inspections as well as Field Construction Inspections.
- Search, Set-up and review of new appraisal firms for FF&E and Business Valuations for new territories which the bank has expanded into.
- Make specific recommendations for the addition of Commercial and Special-Use Property Appraisers to Valley National Bank's Approved Appraiser List.
- Perform appraisals for various departments within the bank, including the commercial loan department for Quality Control Purposes and validation of samples. These appraisals are performed monthly on a sample group of closed loans to meet underwriting guidelines.
- Review quality control appraisals performed by outside appraisal firms to the results of the original appraisals and track results.
- Review environmental reports to ensure that the methodology, market data and analysis are reasonable and that the report conforms to ASTM and Valley National Bank standards.