The API has been advised that effective Monday 13 December 2021, QBE will be updating their LMI Guide to align with APIV Supervision Guidelines (Appendix C).
The changes result in the following restrictions/requirements no longer applying to residential mortgage valuations where QBE is listed as an agreed reliant party in the Lender Specific Information of a PropertyPRO report;
- The restriction on RPVs with a value threshold of $1.25M
- The requirement for valuations by CPVs at more than $1.25M to be counter-signed by another CPV.
The effect of these changes means that there are no additional value threshold restrictions or supervision/counter-signatory requirements from QBE over and above those that the APIV Scheme has and which are mirrored in the PropertyPRO Supporting Memorandum.
The APIV Supervision Guidelines, that all APIV Scheme members must adhere to, require all valuations undertaken by RPVs to be subject to review and countersigning by a supervising Valuer. There is no value threshold for RPVs in Appendix C, or any other API documentation. The Supervision Guidelines further require that any valuation undertaken by a CPV greater than $2M must be subject to review and countersigning by another CPV. Appendix C also includes some specific exclusions to supervision guidelines for those valuation firms where there is only one CPV eligible to act in the capacity as a supervising Valuer; that is, the valuation firm only has one CPV.
If there are any queries in relation to this communication, please contact the API Standards team at [email protected].
Posted on December 9, 2021