Job Description Summary
This position is primarily responsible for managing the full valuation lifecycle, or order engagement through appraisal review processes for delegated assignments within the Commercial Appraisal Department and involving a broad range of commercial real estate and residential construction properties.
With some supervision, the candidate must be able to identify the necessary scope of work for each request to ensure that the proper valuation service is engaged, as well as identify, vet and engage competent valuation service providers for each property.
The candidate must be able to determine and manage compliance with the minimum appraisal standards of Title XI of FIRREA, the Interagency Appraisal and Evaluation Guidelines (IAEGs), USPAP, Bank requirements and other various lending programs.
This involves working closely with all commercial lending units and the Credit Administration/ Special Assets departments to ensure that the appraisal function: (1) supports the Bank’s ability to provide superior customer service and achieve service level agreements; (2) help the Bank maintain desired levels of credit risk; and (3) meet regulatory requirements.
- Ability to independently work with lending partners to identify and define the scope of work necessary to produce credible and compliant results, including the selection, coaching and engagement of valuation professionals to complete each assignment.
- Ability to perform valuation reviews of all predominate commercial and residential construction property types. The review function includes analysis of valuation reports including: completeness, accuracy, adequacy, relevance, reasonableness, and compliance with regulatory, Bank and investor appraisal requirements.
- Support a solution-focused and risk-based approach to the valuation process, including proficiency, or the ability to gain proficiency, in understanding credit structure and in the context of collateral risk analysis.
- Effectively perform collateral risk assessment analysis during the review process, and with specific consideration for the property type and credit action.
- Effectively communicate with department staff, lending partners and valuation service providers, including the ability to resolve conflict during the valuation process lifecycle.
- Communicate with fee appraisers in the bidding and ordering of appraisal reports, and when additional documentation is necessary. Follow up with appraisers when clarification is necessary to ensure satisfactory resolution of outstanding valuation matters.
- Possess competency in the analysis of plans and specifications, operating statements, rent rolls, cost budgets, entitlement reports, title reports, engineering reports and environmental and soils reports.
- Possess the ability and competency to generate in-house valuations in support of new loans and for loan/asset monitoring purposes, as needed.
- Ability to contribute and support the development and implementation of the department’s strategic plans and action steps that enhance the effectiveness and efficiency of the appraisal function and support the corporate and business unit strategic objectives and plans.
- Establish and maintain open communication with the all lending departments in order to support business initiatives, strategies and needs and while maintaining appropriate levels of independence and controls.
- Stay current with market trends and regulatory requirements and be a resource of real estate information for all CRE lending areas.
- Maintain, track and measure productivity levels/goals as outlined by the Commercial Appraisal Manager.
- Perform on-site property inspections as needed.
- Maintain a current understanding and familiarity with HomeStreet’s commercial-related lending products.
- Advise the department manager(s) of significant problems encountered in a timely manner.
- Assume additional responsibilities as they arise, cross-train within the department, and be responsive to the needs of the department.
- Have at least seven years of commercial appraisal and/or residential construction experience. Commercial appraisal review experience is not required but is highly preferred and within a regulated financial institution. Experience must be combined with the technical knowledge and education to review income property and residential construction appraisals.
- Have a valid “Certified General Real Estate Appraiser” or a “Certified Residential Real Estate Appraiser” license (if primary work duties pertain to residential construction appraisals). Exceptions to the licensing requirement may be permitted on a case-by-case basis and depending upon a candidate’s level of equivalent education and relevant experience.
- Appraisal Institute designation(s) (MAI, SRA, AI-GRS, or AI-RRS) are a plus; completion of the Review Theory: General course by the Appraisal Institute is also highly encouraged.
- Educational requirements include a 4-year college degree or higher.
- Possess excellent communication skills, both verbal and written.
- Be a self-starter who can work independently, but who also has the ability to work cooperatively and will maintain effective communication with co-workers, department managers, and lending partners.
- Have a strong ability, desire, and enjoyment in working with others in a cooperative, professional and friendly spirit.
- Has the ability to learn quickly and be accurate and timely in completing responsibilities, with strong attention to detail, organizational skills, accuracy and problem solving.
- Must be a self-starter, be dependable, and can/ will work well under pressure due to volume as well as someone who can be flexible in doing assorted tasks. Must have the willingness and desire to perform to meet/ exceed department goals and service-level agreement deadlines.
- Possess the ability to accept and/ or facilitate change, whether spurred by corporate needs, market or regulatory requirements.
- Extensive computer skills, including word processing and spreadsheet (preferably with Microsoft Word and Microsoft Excel) and internet search skills.
- Occasional travel may be required outside of normal business hours.
- Possess good judgment, ability to accept responsibility and handle confidential information.
- Possess awareness, or ability to quickly gain awareness, of regional economies within lending footprint that include, but are not limited to: Washington, Oregon, Idaho, Utah, California, Colorado, Texas, Arizona, Nevada, and Hawaii.
- Possess a valid driver’s license, vehicle, and liability insurance.
MENTAL AND PHYSICAL CONSIDERATIONS:
- Able to operate a Personal Computer and view information on a monitor.
- Must be able to sit for many hours each day.
- Must be able to communicate via telephone and possess dexterity to include filing document, reaching and bending.
- May be required to stand for extended periods of time.
- Ability to lift or carry up to 10 pounds
- Ability to speak and understand English and express ideas and have difficult conversation in person and over the telephone
- Ability to listen and comprehend speech.
- Ability to problem solve, make decisions, interpret data and information, read, write and organize information in an orderly manner.
- Willing and able to travel occasionally as needed.
Method Of Application
Closing Date: 31st August 2021
Who We Are
Founded in 1921, HomeStreet Bank offers consumer and business banking, mortgage financing, commercial lending, investment and insurance products and services in the Pacific Northwest, California and Hawaii.
We maintain a shared goal across teams and regions to be the trusted and preferred source of financial services for our clients.
Our drive to achieve this goal begins with trust – in our own abilities and in those who we work with each day.
At HomeStreet, we respect and empower our employees to make decisions that support innovation, and deliver results for customers.
Employees collaborate across teams to make the right decisions, share knowledge, continually move forwards and grow.
We believe in promoting from within to deliver the strongest base of company knowledge, shared experience.
And understanding about how our company has grown and evolved since its founding in 1921.
Our teams reflect motivation, caring and a drive to achieve while having fun and supporting the communities where we live and work. This is how we deliver value every day.
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