Position Overview:The Head of Appraisal Review is responsible for leading the administration, oversight, and ongoing effectiveness of the Bank's real estate valuation and environmental due diligence program. The Head oversees appraisal and environmental report ordering and review processes, appraisal and environmental vendor management, quality control processes, policy adherence, staff development and appraisal independence while supporting prudent credit risk management practices. This position ensures compliance with Interagency Appraisal and Evaluation Guidelines, FIRREA, USPAP, and all applicable regulatory requirements governing real estate collateral valuations. The Appraisal Group Manager serves as a subject matter expert in real estate valuation and environmental due diligence topics within the Bank.
The Appraisal Group Head oversees and, as needed, performs reviews of valuations involving a broad range of residential and commercial real estate, including single-family residential, industrial, multifamily, office, retail, shopping center, healthcare and special-use properties. The role requires sound independent judgment, timely decision-making, and the ability to balance regulatory requirements, credit risk considerations, and service expectations in a fast-paced environment.
Essential Job Functions:- Lead the daily operations of the Appraisal Department, including workload allocation, workflow management, service delivery, quality control, and timely resolution of escalated matters.
- Direct, coach, and develop Appraisal Department staff by establishing clear responsibilities, providing technical guidance, assessing performance, and supporting ongoing professional development.
- Establish department goals, productivity standards, and service-level expectations.
- Perform appraisal reviews for a range of residential and commercial real estate property types to determine whether the analyses, methods, assumptions, and value conclusions are credible and comply with internal policies, industry standards, and applicable regulatory requirements.
- Complete internal evaluations/validations in compliance with internal policies and regulatory requirements.
- Review environmental reports and prepare internal reviews.
- Work with the credit department and lines of business to ensure appraisals are accurate, completed within the approved scope and timeline, and are done using sound real estate appraisal methodology.
- Identify and select qualified vendors and monitor vendor performance, quality, and turnaround times.
- Maintain communication with engaged vendors and manage issues/field questions to maintain the integrity of the appraisal and/or environmental assignment.
- Assist with criticized asset reviews and workout strategies.
- Monitor real estate market trends within the Bank's footprint and advise management on emerging property valuation risks.
- Recommend updates to appraisal, evaluation and environmental policies and procedures in response to regulatory changes, audit or examination findings, industry developments and identified program risks.
- Complete special projects as assigned.
Supervisory Responsibilities:This role has direct supervisory responsibilities and carries out responsibilities in accordance with the company's policies and applicable laws. Responsibilities include planning, assigning and directing employee's work; evaluating performance; rewarding and disciplining employees; addressing complaints, performance coaching, and resolving issues; interviewing, hiring and training.
Minimum Requirements:- Bachelor's Degree in business, finance, real estate or related discipline, or equivalent demonstrated work experience and five or more years of commercial real estate valuation experience.
- Experience reviewing environmental assessment and due diligence reports
- Active Certified General Real Estate Appraiser credential in good standing.
- Strong knowledge of regulatory appraisal requirements.
Preferred, but not required:- Prior experience leading a team.
- MAI Designation from the Appraisal Institute
- Experience with appraisal management software, such as C360 or RIMS
Location Details This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Actual schedule requirements may vary based upon business needs.
Compensation & BenefitsBase pay: $110,000 - $160,000
Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.
Officer Bonus Eligible: Eligible to participate in the Annual Officer Incentive plan with a target bonus of base salary based various performance components.
Benefits: How We Support You - Old Second
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