Turkey (TR)Country
Conflict between banks and appraisal companies looms in Turkish home loans (TR)
Tuesday 22 February 2011
Turkey’s property appraisal companies, vital in the chain of home loans, are on a collision course with banks, according to daily Radikal. Noting that banks haven't increased their fees one iota for the past four years, Radikal said if banks do not increase rates soon, appraisal firms will “halt services as of March 1."
Such a development would hit home loans hard, as property appraisal companies give valuation services for banks, calculating the real value of a given property when an individual asks for a loan for that property. Thus, they are able to offer a mortgage that reflects the property’s value.

As of Jan. 1 this year, banks have been working with appraisal firms authorized by the Banking Regulation and Supervision Agency, or BRSA, and the Capital Markets Board, or CMB. Before that date, there was no such regulatory selection and lenders were able to work with any company they wanted. Taking advantage of an abundance of companies in the market, they have been giving 250 Turkish Liras per property appraisal for the past four years, Radikal said.

However, the new regulation has become an advantage for companies, according to Radikal. Organizing under the name of "Union of Turkish Valuation Experts," the regulator-licensed companies have recently sent a note to all banks, saying that they will ask for 350 liras plus value-added tax per property. The new pricing will start as of March 1, they said.

Source: Radikal
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