Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans.
First Republic Bank is looking for a Chief Appraiser
Responsible for oversight of the Bank’s commercial and residential real estate appraisal and evaluation processes to ensure valuation accuracy and legal/regulatory adequacy of all real estate appraisals. Embody the Bank’s exceptional client service culture by establishing risk-differentiated policies and processes that ensure timely delivery of appraisal decisions. Embrace the Bank’s minimal appetite for credit risk, understanding that the best clients expect the best service and responsiveness. Serve as a collaborative partner to others within the Bank including Relationship Managers, Executive Loan Committee members, and Loan Servicing/Operations personnel. Position is based in San Francisco and reports dually to the Chief Operating Officer and the Chief Risk Officer.
•Establish and maintain Bank policies to ensure that all real estate appraisals and evaluations align with legal and regulatory requirements. Stay abreast of industry legal and regulatory changes and expectations to ensure Bank policies and procedures remain updated.
•Establish and maintain workflow processes and procedures to ensure: (1) Compliance with the Bank's appraisal policies, Interagency Appraisal and Evaluation Guidelines, Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), Uniform Standards of Professional Appraisal Practice (USPAP) and all other applicable federal and state regulations (2) Independence of persons ordering, performing and reviewing appraisals or evaluations is maintained in accordance with regulatory expectations (3) Appraisals, evaluations and appraisal reviews are received in the most timely, cost-effective manner (4) Appraisal review processes are risk-differentiated to ensure most rapid decisions on lower risk properties and appropriate scope for complex appraisals. (5) Processes allow the Bank flexibility to ensure the right appraisers are assigned to more complex or unusual appraisal requests.
•Establish and maintain strong working relationships with Relationship Managers, Executive Loan Committee and other Bank personnel. Proactively and regularly convey the Bank’s appraisal requirements to lending personnel through training and formal/informal communication.
•Oversee selection of external fee appraisers, ensuring adequacy of appraiser panel to meet business volume and highly competitive turnaround time requirements. Ensure panel consists of the highest quality appraisers available in each market. Maintain a strong working relationship with panel appraisers to ensure positive two way communication.
•Oversee selection of Appraisal Management Companies (“AMCs”) and automated valuation models or tools (“AVMs”) as needed
•Develop and oversee training and certification program to ensure all appraisers (both in-house and outsourced) have completed proper training (e.g. USPAP) and are appropriately certified or licensed. Develop specific First Republic training programs for in-house appraisers and reviewers as necessary.
•Negotiate pricing and terms for all outsourced appraisal services including external fee appraisers, AMCs, AVMs and other appraisal tools.
•Monitor performance of all fee appraisers, including AMCs and AVMs, to ensure accuracy of valuation, timeliness of response, compliance with laws and regulations. Develop procedures to report non-USPAP compliant appraisers to appropriate state licensing authorities.
•Ensure Bank appraisal desk and review staff obtain regular training on appraisal requirements, best practices, red flags, tools, etc.
•Monitor property valuation trends in order to assist the Bank in proactively identifying market and property-type trends and potential areas of concern in lending
•Interface with regulators, internal audit, loan review, enterprise risk and compliance personnel during periodic exams and risk assessments.
•Oversee the Bank's environmental risk management policies and processes in order to limit the Bank’s exposure to environmental liability. Establish minimum due diligence requirements for real property transactions, identify high risk collateral, order and review third-party environmental reports, maintain an approved environmental consultant panel, monitor collateral as necessary, and regularly update the banks policies as necessary.
•Support the Bank’s goal of minimizing seismic risk in the loan portfolio. Maintain list of seismic engineers available to assess potential collateral. In cooperation with Executive Loan Committee, ensure policy and procedures are maintained to address this risk proactively.
•Manage the Bank’s appraisal personnel including staff reviewers and appraisal ordering desk.
•Participate in relevant Bank committees and working groups including Credit Leadership and Special Asset Committees in order to understand the Bank’s lending philosophy and provide input regarding appraisal considerations.
•Follow all Bank policies and procedures and comply with training requirements.
•Support the Bank's goals and core values
•May require travel to other First Republic Bank office locations and to collateral property locations, particularly for large or unusual loan transactions.
•Minimum of 15 years proven experience in managing bank real estate appraisal processes in roles of increasing responsibility through multiple credit cycles.
•Strong expertise in residential and commercial properties including very high end luxury residential.
•Expertise in federal and state banking appraisal laws and regulations. Ability and willingness to quickly develop expertise in state laws and regulations in all states in which the Bank conducts business. Advanced knowledge of the Uniform Standards of Professional Appraisal Practice (USPAP), FIRREA and Interagency Guidelines and GSE guidelines (e.g. FNMA, FHLMC, etc.). Must be able to interpret and explain standards and guidelines to appraisal team colleagues, relationship managers, executive loan committee members and, where necessary, Bank clients directly.
•Strong familiarity with other bank regulations including: Regulation Z (Truth in Lending Act), Regulation B (Equal Credit Opportunity Act), Fair Housing Act (FHA), Home Mortgage Disclosure Act (HMDA), Real Estate Settlement Procedures Act (RESPA), Fair Credit Reporting Act (FCRA), Bank Secrecy Act (BSA) in conjunction with the USA PATRIOT Act, Anti-Money Laundering (AML) and Customer Information Program (CIP), Right to Financial Privacy Act (RFPA, state and federal) and Community Reinvestment Act (CRA).
•Successful history of managing appraisal team personnel including performance management.
•Exceptional oral and written communication skills.
•Adept in use of core technical tools including Microsoft Office (Word, Excel, PowerPoint, Outlook), Bank loan underwriting and servicing systems and web-based interface with appraisal processes.
Education and licenses
•Bachelor's Degree from an accredited College or University
•MAI designation preferred
•California State Real Estate Appraiser Certification or License required.