The updated Australian Banking and Finance Industry Residential Valuation Standing Instructions V2.1 (the Standing Instructions V2.1) have been released by the Residential Valuation Industry Group (RVI Group).
They provide a single set of Standing Instructions to be adopted by the industry with respect to PropertyPRO, Restricted and Progress Inspection Reports. They represent the minimum a lender / LMI should be expecting in a valuation report. It should be recognised that some lender / LMI clients may have specific additional requirements, including supervision provisions.
Version 2.1 of the Standing Instructions were developed to provide further guidance and operational clarity for the residential valuation and lending community and are to be read in conjunction with the API PropertyPRO Supporting Memorandum. In the event of any inconsistency, the provisions of the API PropertyPRO Supporting Memorandum shall prevail.
Every Valuer who undertakes residential mortgage valuations for Bank Panels will potentially be affected by the Standing Instructions.
It is recommended that a copy of the Standing Instructions V2.1 document is printed off and available as you work through the module.
CPD Points: 3