MIPRU 1.3 Remuneration and property valuation requirements for MCD creditors
Property valuation requirements
For the valuation of residential immovable property to enter into an MCD credit agreement:
- (1)
an MCD creditor must use reliable standards for the valuation where the valuation is carried out by the MCD creditor; or
- (2)
where the valuation is carried out by a third party, the MCD creditor must take reasonable steps to ensure that reliable standards are used.
[Note: article 19(1) of the MCD]
An MCD creditor must ensure that:
- (1)
internal and external appraisers conducting property valuations are professionally competent and sufficiently independent from the credit underwriting process so they can provide an impartial and objective valuation; and
- (2)
property valuations are documented in a durable medium.
[Note: article 19(2) of the MCD]