Valuations

Below you will find a number of resources to assist with Genworth's valuations requirements.

Valuation Minimum Standards - January 2011 More/Close

Version 2 of Genworth's Valuation Minimum Standards is effective from 1 January, 2011.

Genworth's Valuation Minimum Standards set out the basis on which we are prepared to accept residential property valuations for LMI purposes, and is intended to communicate our expectations to lenders, entities which give instructions for preparation of valuations and valuation suppliers.

• Click here to view Genworth's Valuation Minimum Standards

Valuation acceptance checklist More/Close

Gain a better understanding of the basis on which Genworth considers valuations for LMI.

• Download a checklist which provides transparency of Genworth's valuations process.

MIP Guidelines - March 2010 More/Close

Guidelines to be followed by valuers for MIP purposes.

Clear requirements which Lenders can easily distribute to a professional valuer for Mortgage in Possession valuations, serving to create uniformity and efficiency throughout the process.

• Download a MIP Valuation Requirements

MIP Valuations requirements checklist More/Close

Provides an outline of Genworth's requirements for MIP valuations.

• An easy to use checklist for use by valuers when conducting MIP valuations.

Acceptable membership classes More/Close

Find details regarding acceptable valuer membership classes in Australia and New Zealand.

Australia

The following documents outline which membership classes of the Australian Property Institute (API), Australian Valuers Institute (AVI) and the Royal Institute of Chartered Surveyors (RICS) are acceptable to Genworth, when a co-signatory is required, and in which states valuers must be registered or licensed.

Download list of acceptable membership classes:

• Australian Property Institute (API)
• Australian Valuers Institute (AVI)
• Royal Institute of Chartered Surveyors (RICS)

New Zealand

In all cases, the prime signatory (inspecting valuer) shown on a valuation report submitted to Genworth for LMI purposes is required to be a registered valuer with the Valuer's Registrations Board and a current financial member of the Property Institute of New Zealand (PINZ), New Zealand Institute of Valuers or other recognised valuation industry body.

Genworth will only accept residential property valuations from a registered valuer. Further, such registered valuers must be one of the following classifications of PINZ or NZIV members (or such equivalent classifications in another recognised valuation industry body).

1. Full Membership (MPINZ)
2. Senior Membership (SPINZ) or Associate (ANZIV)
3. Fellow (FPINZ) or Fellow (FNZIV)
4. Life FPINZ (Life) or Life FNZIV (Life)

Valuations completed and signed by a Full Member (MPINZ) are only acceptable when countersigned by a supervising Member who is a Senior (SPINZ), Associate (ANZIV), Fellow (FPINZ or FNZIV) or Life FPINZ (Life), or FNZIV (Life) member. The supervising Member must review the valuation and working papers, and based upon such review and appropriate questioning obtain reasonable satisfaction that the value opinion contained in the valuation has been reached based on reasonable grounds.

Tips for appointing or selecting valuers More/Close

A number of helpful tips for choosing or appointing a valuer.

1. Conduct reference checks with other Lenders/ Mortgage Insurers.
2. Check the firm has adequate Professional Indemnity Insurance (and there are no unusual or restrictive conditions that could void the policy).
3. Review company profile information (number of valuers and experience, background of directors/company, quality assurance processes, valuation systems used etc).
4. Ensure the valuer is local to the area or has sufficient staff to cover designated areas.
5. Ensure all valuers are qualified and registered (where required) and are members of an industry body (such as the Australian Property Institute).
6. Request a sample report to ensure it satisfies your requirements and provides adequate information. Ensure the report format is easy to read, highlights issues clearly and complies with industry standards.
7. Do not select a valuer based on cost alone. Be prepared to strike a balance between cost and quality to ensure you get a detailed valuation that satisfies your requirements.
8. Conduct a company search to confirm the company is registered.
9. Conduct searches on the directors to confirm they are not former directors of liquidated valuation firms.
10. Maintain regular contact with valuers so you can provide feedback on valuations and they can provide information relating to market conditions.

New Zealand Preferred Valuers Network More/Close

Access a current list of Genworth preferred valuers.

Download current list of Genworth preferred valuation firms.