Below you will find a number of resources to assist with Genworth's valuations requirements.
Valuation Minimum Standards
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.
Valuation Acceptance Checklist
Gain a better understanding of the basis on which Genworth considers valuations for LMI.
Mortgagee in Possession (MIP) Guidelines
Guidelines to be followed by valuers for MIP purposes.
Clear requirements which lenders can easily distribute to a professional valuer for MIP valuations, serving to create uniformity and efficiency throughout the process.
MIP Valuations Requirements Checklist
Provides an outline of Genworth's requirements for MIP valuations.
Acceptable membership classes
Find details regarding acceptable valuer membership classes in Australia and New Zealand.
The following documents outline which membership classes of the Australian Property Institute (API), Australian Valuers Institute (AVI) and the Royal Institution 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 Institution of Chartered Surveyors (RICS)
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).
- Full Membership (MPINZ)
- Senior Membership (SPINZ) or Associate (ANZIV)
- Fellow (FPINZ) or Fellow (FNZIV)
- 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.