Some Chief Appraisers were thrown into their role.
The role carries significant responsibilities, as it directly impacts a bank’s risk assessment and lending decisions.
Some lacked an appraisal background which added a steep learning curve.
Also, what does success look like for a new Chief Appraiser?
Stepping into the role of Chief Appraiser in a bank’s appraisal department can be both exciting and challenging.
Master the Technical Aspects
Lots of things to learn: appraisal methodologies, property valuation, regulatory compliance and market trends.
Build a Competent Team
Success in the appraisal department is not solely dependent on an individual’s skills but also on the collective efforts of a capable team.
A Chief Appraiser must recruit, train and retain a skilled team.
Foster a culture of continuous learning and collaboration within the team.
Develop Strong Communication Skills
Effective communication is paramount for a Chief Appraiser.
You will need to communicate appraisal findings, recommendations and potential risks to various stakeholders, including loan officers, underwriters and senior management.
The appraisal industry is increasingly reliant on technology.
Chief Appraisers should invest in and leverage appraisal software, data analytics tools and automation to streamline processes and improve efficiency.
Embracing technology can help reduce turnaround times, enhance accuracy and keep pace with industry advancements.
Stay Compliant with Regulations
Chief Appraisers must have a firm grasp of appraisal-related regulations such as USPAP, FIRREA and Dodd-Frank.
Maintaining compliance with these regulations is essential to avoid legal issues and ensure the integrity of the appraisal process.
Building and nurturing relationships with key stakeholders, both within and outside the bank is critical for success.
Establish rapport with loan officers, underwriters, regulators and external appraisers.
Collaborative relationships can lead to smoother appraisal processes, better communication and more successful lending outcomes.
Develop a Strategic Vision
A Chief Appraiser should not only focus on day-to-day operations but also develop a strategic vision for the appraisal department.
Consider long-term goals, such as improving department efficiency, enhancing risk management practices and adapting to market changes.
A well-defined strategy will guide your department’s growth and success over time.
Join FIVA – Financial Institution Valuation Advisors. FIVA’s goal is to provide a resource for appraisal department best practices.
Gain professional insights, guidance and technologies through relevant educational content and networking with peers.
Becoming a successful Chief Appraiser in a bank’s appraisal department is a rewarding journey that requires a combination of technical expertise, leadership skills and strategic thinking.
So what does success look like?
Success is a Chief Appraiser’s contribution to your bank’s overall goals.