AN EVALUATION OF QUALITY OF MORTGAGE VALUATION REPORTS IN NIGERIA

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@article{1701659,
      author = {Chinaza Henry Obineme, Fidelis Ifeanyi Emoh, Chukwudi Louis Igwenagu},
      title = {AN EVALUATION OF QUALITY OF MORTGAGE VALUATION REPORTS IN NIGERIA},
      journal = {Iconic Research And Engineering Journals},
      year = {2019},
      volume = {3},
      number = {4},
      pages = {5-17},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1701659.pdf},
      abstract = {Mortgage valuation reports have long been one of the lines of defence in helping commercial banks protect their assets, minimize losses, and make well-informed lending decisions. The study was kick-started because of the increase in non-uniformity of valuation reports in form of common standard of reporting, terminology and presentation with the fact that clients to valuation profession around the world have been getting much more sophisticated and analytical in their approach to investment. The aim of the study is to evaluate the quality of Nigerian mortgage valuation reports standard with a view to providing information that will enhance valuation practice. The study examined the major components of Mortgage Valuation Reports produced by Valuers in the study area, among others. Questionnaire and interview instruments were administered on five hundred and thirty eight (538) registered firms in Awka, Lagos, Abuja and Port-Harcourt. Data obtained were analysed with the use of the following statistical tools: Relative Importance Indices (RII), and Frequency Distribution. The descriptive statistical test (Frequency Distribution) reveal that forced sale value is been used by most of the practitioners till date as basis of valuation instead as description of the circumstance under which mortgage value (market value) is conducted. The study also established that some of the components of mortgage valuation reports in the study area do not fully fall in line with Nigerian Institution of Estate Surveyors and Valuers (NIESV) guidance notes or International Valuation Standards (IVS) and the reports lack uniformity. It is therefore recommended that the Estate Surveyor and Valuer should state the identity of the mortgagor clearly as well the state of the financial and market situation of the property, the extent of survey when the survey takes more than a day to be completed, there should be a difference between date of valuation and date of the report if it is not concluded at the same date, and state of the town planning zoning/approval. The Valuers are expected to combine these aspects along with other data to produce good valuation reports},
      keywords = {Evaluation, Mortgage, Mortgage value,Nigeria, Quality, Valuation report},
      month = {October},
  }