Residential Desktop Assessment Supporting Memorandum
Exposure Draft – consultation open
The API Residential Standards Committee has completed its review of the Residential Desktop Assessment Supporting Memorandum – For First Mortgage Purposes. The API exposure draft is now open for consultation.
The Supporting Memorandum provides guidance on what is a Residential Desktop Assessment and the basis upon which API Valuer Members undertake Residential Desktop Assessments for first mortgage purposes.
The extensive review has culminated in a number of changes to evolve the Supporting Memorandum for the residential mortgage valuation industry, including, but not limited to;
- increasing the existing $1.5 million value threshold to $2 million
- clarifying the suitable and unsuitable property types that are applicable
- refining the requirements about the essential information to be provided by the lender/third party platform in relation to the subject property and market evidence to facilitate to the Valuer’s ability to complete the request
- re-evaluate the references to high percentage lending and mortgage insurance purposes
The API encourages members and stakeholders to provide comments on the exposure draft paper using the Standards Feedback: RDASM webform below by no later than Friday 12 August 2022.
Comments are most helpful if they identify and clearly explain the issue or question to which they relate. Those who have feedback on any of the proposed content are encouraged to provide suggested alternatives which should be supported by specific reasoning.
Download Exposure Draft paper – Residential Desktop Assessment Supporting Memorandum
Please provide feedback and comments including any suggested changes/alterations via the Standards Feedback forms below:
Standards Feedback: RDASM - July/August 2022