Valuation Minimum Standards
Genworth's Valuation Minimum Standards set out the basis on which we are prepared to accept residential property valuations for lenders mortgage insurance (LMI) purposes. They provide an overview of our expectations to lenders and other entities that give instructions for the preparation of valuations to valuation suppliers including valuations for mortgagee-in-possession (MIP) valuation purposes.
Acceptable membership classes
The Valuation Minimum Standards above outline which membership classes of the Australian Property Institute (API) 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.
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.