The API is focused on the future of the profession and is systematically reviewing its robust standards to respond to changing market conditions, property values, data set changes and capacity challenges.
During 2022 a review of the API ‘Residential Desktop Assessment – Memorandum for first mortgage purposes’ was undertaken which included member and industry consultation.
The API have reviewed the feedback and comments received during the consultation period and following consultation with industry stakeholders as well as input from legal, have finalised the updated memorandum, which has an effective date of 5 March 2023.
The existing memorandum remains in effect until 5 March 2023.
The updated supporting memorandum, the API ‘Residential Desktop Assessment Supporting Memorandum – For First Mortgage Lending Purposes Only’ is available here.
Any queries, please contact the standards team at [email protected]
Posted on December 14, 2022