vThe dependence of the «independent» assessment of collateral objects

07.12.2009 14:51
Subject assessment of the property on bail and now remains relevant for both appraisers and for the banks. And probably not in the least - for the borrowers themselves.
Let me remind you that the mandatory requirement for an independent evaluation of the property in the event of a pledge is established by article 7 of the Law of Ukraine "On the assessment of property, property rights and professional valuation activities in Ukraine" № 2658-III of 12.07.2001, and set aside the Law of Ukraine "On mortgage" with January 1, 2004.
But the problem of evaluating the collateral exists to this day. It should be noted that during the time of the provisions of Article 7 of the mandatory evaluation of collateral, the market situation has changed significantly. And if in the years 2001-2002, we had to prove to bankers need and feasibility assessment of collateral, especially integral property complexes, we now need to evaluate is no doubt almost no bank. The dispute, rather, is the notion of "independent" assessment of collateral objects. Many banks have chosen to create their own units and structures to assess the collateral objects. However, we believe that it is - wrong path.
To begin with, that everyone should be engaged in business in which he was a professional. In other words - everyone should mind his own business, banks - lend, appraisers - to assess, including the objects of pledge. In support of this assertion is the fact that most banks - is a joint stock company. At the same time, managers of the bank - it's employees. When not to return the loan, loan without an independent assessment of collateral shareholders bear the risk of possible bankruptcy and the depreciation of their corporate rights. Thus, independent assessment is the guardian of the interests of shareholders.
The second aspect of the problem is the fact that in assessing the entire property complexes should be involved a range of professionals, united in a single command - a highly skilled evaluator, an experienced economist, financial analyst and a marketer. This is a minimum list of experts who are usually involved in the evaluation of existing enterprises (businesses) in order to obtain a reasonable project cost estimates. Can the bank, in this formulation of the question, to conduct high-end estimate of existing businesses? Certainly can.
But will it be economically justified? It is no secret that their "estimates" banks create divisions in order to minimize the cost of lending. For the bank, "their" profitable, but only when the evaluation is performed, what is called "the eye" by one expert in the shortage of time. Not known a situation where the bank "got burned" because of poor assessment of their appraiser.
Bankers call the main problem with an independent appraiser - the lack of independence of the latter. After all, payments for services to assess the collateral by clients and the banks are often in doubt the objectivity of the evaluation of the property. It is difficult to disagree. In recent years, market assessment, without exaggeration, the "fever". Currently, the proposal evaluation services quantitatively exceeds demand. What can be said about quality.
Here the situation is that the firm-by-night to earn a quick break all ethical and legal norms - do custom work, dumping, of course, ignoring the methodological framework for the assessment. This phenomenon can be explained by the fact that the experience and qualifications, and, respectively, and the quality of performance is not every customer concerned. But experience shows that short-term profit in the form of low-cost services in the assessment often results in trouble as a belated reaction to the bank when the collateral received illiquid assets at an inflated price.
Effective way to combat unscrupulous and unprofessional appraisers may be accreditation of several leading appraisal companies to assess the collateral objects of the bank. This scheme allows to avoid monopolies, remain competitive, ie, the borrower can choose the most "convenient" for himself estimated the company. At the same time, the bank as soon as we receive a report on cost, performance at a high professional level that you can make informed financial decisions. In addition, a reasonable practice to use the "four eyes principle", when the work of independent appraisers shall be subjected to control intra specialists - it allows you to weed out unscrupulous appraisal companies. In favor of such a scheme says the positive experience of Russian and western banks, including those operating in Ukraine.

Jaroslav fattening
member of the Ukrainian Society of Appraisers, Certified Appraiser


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