The Appraisal Services Specialist is responsible for completing reviews on commercial, agricultural, and residential appraisals to ensure compliance with all applicable Bank Policies and Federal and State regulations, including but not limited to, FIRREA, USPAP and Interagency Guidelines. The Specialist role is also responsible for preparing internal real estate evaluations and validations on complex residential, commercial and agricultural real estate transactions. The ideal candidate has a minimum of five years of experience working in an appraisal review and/or evaluation report writing capacity, is self-motivated, analytical, detail-oriented, and able to work independently with minimal supervision and guidance.
1. Review commercial, agricultural and residential real estate appraisals to ensure compliance with Appraisal Policy, USPAP, FIRREA, Interagency Guidelines, and any other applicable State or Federal regulations.
2. Prepare technical appraisal review reports that analyze and report on the quality of the appraiser's work to ensure the value conclusion is credible, well-supported, and appraisal report content is commensurate with the level of risk involved with the transaction.
3. Consult with, and provide guidance to, less experienced team members when questions or concerns are identified during the appraisal review process.
4. Work directly with third party appraisers to resolve any issues or concerns that are identified during the review process, such as inappropriate use of a valuation approach or technique, missing or irrelevant data, questionable or unsupported conclusions, and/or any other issues that may require action.
5. Research, verify, and analyze cost data, sales and listing data, rental rates, vacancy rates, capitalization rates, market conditions, supply & demand trends, absorption, and demographic data for agricultural, commercial, and residential real estate.
6. Develop the applicable methodologies and techniques necessary to estimate an opinion of market value for commercial, agricultural, and residential real estate, which may include the Cost, Sales Comparison, and/or Income Capitalization approaches to value under fee simple and leased fee ownerships.
7. Prepare well-supported and credible in-house real estate evaluations and validations that assist in the Bank's lending decisions, and communicate the results in a written report that meets Interagency Guidelines.
8. Review evaluations prepared by other team members to ensure reports meet Interagency Guidelines, values are supported and credible, and the appropriate valuation approaches and techniques were developed.
9. Prioritize and manage a pipeline of incoming appraisal review, evaluation, and validation requests to ensure timely completion of work and requested deadlines are met.
10. Make informed recommendations to Lenders regarding the type of valuation report that is needed based on internal policies, regulatory requirements, property type, loan size, and overall risk involved with the transaction.
11. Provide support for the appraisal management functions of the department, as needed, by assisting with bidding, selecting, and engaging third party appraisers and evaluators.
12. Communicate with team members and lending staff throughout the appraisal process to ensure transparency and appraiser independence is maintained.
13. Assist with submitting invoices to Accounting to ensure timely payment to vendors upon completion of appraisal and third party evaluation assignments.
14. Consult with Loan Officers and Special Assets Officers to ensure current market values are obtained on classified credits and Other Real Estate Owned ("OREO") properties.
15. Assist the Appraisal Manager with developing, implementing, and maintaining various departmental publications and technologies, such as reports, policies, procedures, guidelines, templates, training materials, databases, and workflow systems.
16. Assist the Appraisal Manager with on-boarding, training, and mentoring new and/or less experienced team members, as needed.
17. Develop and maintain a network of appraisers, brokers and other real estate professionals to ascertain, discuss, analyze, and understand regional & local market dynamics, preferences, trends and motivations of current market participants.
18. Maintain proficient knowledge of, and ensure all duties are performed in compliance with, all policies, procedures, and applicable State and Federal regulatory requirements.
19. Attend team meetings, annual training, seminars, and other career development opportunities identified by the Appraisal Manager.
20. Represent and communicate the mission and values of Investors Community Bank with all internal and external customers, and comply with all policies, procedures, and confidentiality expectations.
21. Perform other duties as assigned.
The position of Appraisal Services Specialist is not responsible for the supervision of any employee(s), but will use their skills and expertise in a mentor capacity by providing general guidance and training to less experienced team members.
* 4-year degree required; business, finance, economics or a related major is preferred.
* 5+ years experience working in an appraisal review capacity and/or preparing evaluation reports.
* Completion of Basic Appraisal Principles, Basic Appraisal Procedures, and USPAP courses, or, equivalent training and education.
These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below is representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
* Must have a full understanding of USPAP, FIRREA, 2010 Interagency Guidelines, and any other applicable State and Federal regulatory requirements, and is able to make informed decisions about the type of valuation report that is needed for a transaction based on these regulations and requirements.
* Must be able to read, interpret, and analyze appraisal & evaluation reports, legal descriptions, plats/surveys, GIS maps, assessor records, building plans, construction budgets, lease agreements, financial statements, and purchase agreements.
* Must be able to develop the Cost, Sales Comparison, and Income Capitalization approaches to value independently and competently.
* Must be able to read, interpret, and develop multi-year projections and forecasts for lease-up adjustments, sell-out analysis, and discounted cash flow analysis; also understands local market preference and techniques used for developing cap rates and discount rates.
* Familiar with statistical analysis and is capable of using and/or developing financial models (Excel-based and/or software-based) to assist with monitoring real estate values and completing assigned tasks.
* Understands credit underwriting concepts, including but not limited to, transaction size, loan-to-value, maturity date, amortization, interest rate, risk rating, and debt-to-income.
* Strong interpersonal, written, and verbal communication skills are required. Must be able to communicate clearly, professionally, and confidently with team members, other departments, and third party vendors.
* Self-motivated, detail-oriented and capable of producing professional-level reports, policies, procedures, and publications.
* Excellent organizational and time management skills are required. Must be able to prioritize work in order to meet deadlines.
* Required to have strong problem-solving, analytical, & leadership skills.
* Proficiency in basic PC and office equipment skills including Microsoft Office Suite (Word, Outlook, Excel, and PowerPoint) is required. Experience in Microsoft Access and Teams is a plus.
* A valid driver's license and vehicle with appropriate insurance coverage is required; there may be instances in which the incumbent is required to drive in the course of performing assigned duties and responsibilities.
* The incumbent must be able to perform this position safely, without endangering the health or safety to themselves or others.
Management reserves the right to change this position description at any time according to business needs. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability status, or veteran status. Investors Community Bank is an Affirmative Action / Equal Employment Opportunity Employer.