APPRAISALS OF REAL PROPERTY Clause Samples

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 ▇▇▇ 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 ensure the implementation of policies and controls to ensure full compliance with 12 C.F.R.

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 ▇▇▇ 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) 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) 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 the loan was criticized in the ▇▇▇ or by the Bank's internal loan review, and the most recent independent appraisal is more than twelve (12) months old and the loan balance exceeds two hundred fifty thousand dollars ($250,000); (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 one hundred twenty (120) days, and certification by the Board attesting to the completion of the appraisals shall be forwarded to the Assistant Deputy Comptroller within one hundred fifty (150) days.

APPRAISALS OF REAL PROPERTY. (1) Within sixty (60) days of this Agreement, the Board shall adopt and implement a process to correct any violations of the real estate appraisal regulation (12 C.F.R. Part 34) identified in any report of examination, internal or external loan review, or internal or external audit. (2) Within sixty (60) days of this Agreement, the Board shall adopt and implement an appraisal process that requires an appraisal or evaluation in conformance with the real estate appraisal regulation whenever a loan is renewed, extended, or moved to problem loan status. (3) A written description of the processes adopted pursuant to this Article shall be forwarded to the Assistant Deputy Comptroller for review upon implementation.

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) Within thirty (30) days, the Bank shall implement an appraisal review process that specifically addresses the processes to be followed in reviewing and evaluating an appraisal. At a minimum, this process requires: (a) that appraisals are performed in accordance with 12 C.F.R. Part 34 (b) are consistent with the Bank's written loan policy, and (c) documentation supporting the review is retained in the file. (2) In cases where an appraisal is deficient, the Bank shall request a new appraisal and specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34.

APPRAISALS OF REAL PROPERTY. (1) Within sixty (60) days, the Board must ensure a process independent of the line function is developed to request and review real estate appraisals for adequacy and compliance with 12 C.F.R. Part 34, sub-part C. (2) The Bank shall specifically instruct the appraiser(s) to comply with the requirements of 12 C.F.R. Part 34. (3) Subject to the provisions in this paragraph, within one hundred twenty (120) days, the Board shall certify in writing that all commercial loans in excess of one million dollars ($1,000,000) that are secured by real estate have appraisals that comply with 12 C.F.R. Part 34, sub-part C, unless exempted by 12 C.F. R. Part 34, sub-part C. Upon completion, the Board shall forward a copy of its certifications to the Assistant Deputy Comptroller. At the expiration of the one hundred twenty (120) day period, the Board shall list such commercial loans for which it is unable to obtain such appraisal. This list shall include an explanation of the actions taken to obtain such appraisal, the reasons why such appraisal has not been obtained, and a plan to obtain such appraisal by a specified time. (4) Subject to the provisions in this paragraph, within ninety (90) days, the Board shall ensure that existing violations of 12 C.F.R. Part 34, sub-part C noted in the ▇▇▇ are corrected. At the expiration of ninety (90) days, the Board shall list all violations that have not been corrected. This list shall include an explanation of the actions taken to correct the violation, the reasons why the violation has not been corrected, and a plan to correct the violation by a specified time. (5) Within sixty (60) days, the Board shall establish, implement, and thereafter ensure Bank adherence to written procedures to prevent future violations of 12 C.F.R. Part 34, sub-part C.