Bank employees can perform evaluations. Individuals who prepare evaluations should have real-estate training or experience and knowledge of the market relevant to the subject property. Based upon their experience and training, professionals from several fields may be qualified to prepare evaluations of certain types of real estate collateral. Examples include individuals with appraisal experience, real estate lenders, consultants or sales persons, agricultural extension agents, or foresters. The Bank should document the qualifications and experience level of individuals whom the Bank deems acceptable to perform evaluations. The Bank might also augment its in-house expertise and hire an outside party familiar with a certain market or a particular type of property.
Although not required, the Bank may use State licensed or certified appraisers to prepare evaluations. Appraisers operating under USPAP may accept requests for evaluations of real property collateral as long as the appraiser’s work meets minimum USPAP requirements. When an evaluation assignment includes a request for an opinion of value, under USPAP the evaluation becomes an appraisal and must be consistent with USPAP’s Scope of Work and reporting requirements.