New AIB Valuer panel causes concern to Auctioneers

From The Sunday Times:

AIB's decision to restrict membership of its mortgage experts panel to
customers has met with accusations that the bank has its priorities wrong.
Property professionals must be customers of Allied Irish Banks to be considered for inclusion on
a new panel of valuers for its mortgage business. The taxpayer-backed bank drafted a shortlist of
more than 100 professionals in January, from which mortgage applicants must select a valuer to
determine that they are not overpaying for their homes.
AIB was one of the last lenders to establish such a panel but it has shocked the profession with its
stipulation that valuers must be bank customers to make the shortlist.

Ed Carey, a past president of the Irish Auctioneers and Valuers Institute, described AIB’s policy as
unusual, saying he was concerned that the lender was prioritising valuers’ banking relationships
over their professional competence.
“Our concern is that the best candidates get on the panel — not just AIB customers,” he said. “The
public will want to know that valuations are being conducted by the proper people in the proper
manner.”

Our firm was a long-time member of the panel, but we were arbitrarily dropped in January, without any notice. (We are BOI customers)

The local branch plead ignorance of the matter, citing "Head Office".

I hear reports that the Appointed Valuer is charging up to double normal rates. They now have a monopoly on AIB valuations.

Perhaps one for the Consumer Affairs people or the Competition Authority?

Comments?

 

 

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