224. Institutions should have policies and procedures for the revaluation of immovable property …

Institutions should have policies and procedures for the revaluation of immovable property collateral, specifying the approaches to revaluation (e.g. desktop valuation, drive-by valuation, full visit with internal and external assessment of the property, statistical models) for different types of immovable property collateral, ensuring that the approach or combination of approaches is prudent and proportionate to the type and potential values of the collateral and in relation to the credit agreements. Furthermore, institutions should set out specific triggers (e.g. a change in the assumptions made in the appraisals), indicating when monitoring leads to revaluation or collateral needs revaluation.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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