Brief History & Role
ASSOVIB is an association representing the main Italian property valuation companies that provide independent valuation services.
In 2010, in the context of a property market that requires transparency and objectivity in the property valuation process, the main valuation companies decided to create an open association in order to promote of the adoption of common valuation standards.
The role of the Association in promoting a set of high quality standards to ensure adequate controls in all phases of the valuation process comes from the possibility of damages arising from superficial valuations or from the inadequate management of the valuation process, which has a negative effect not only affecting banks and on the entire economy.
Principal Activities
ASSOVIB is:
• A signatory of the "Memorandum of Understanding for the development of the property valuation market" promoted by the ABI for the adoption and dissemination of the "Guidelines for property assessment as guarantees for credit exposure"
• Member of the Technical Board for the ABI Guidelines
• Member of the Tecnoborsa Scientific Committee
• Member of UNI
As a permanent member of the board set up by ABI in relation to its Guidelines, ASSOVIB contributes to the following:
• checking the correspondence to international standards and the applicability of the valuation methods set out in the Guidelines;
• further promoting the overall quality of the valuation process for real estate collateral offered to banks in relation to mortgage lending;
• improving the availability and accessibility of raw data relating to purchase prices, which are fundamental to the improvement of transparency in the Italian property market.
ASSOVIB also took part to Bankitalia board on «Supervisory Provisions for Banks» and «Supervisory Provisions for financial intermediaries» and it is attending the ABI board on «Memorandum of Understanding to manage the Non Performing Loans secured by properties».
Principal Areas of Policy
ASSOVIB's goal is to promote and spread professional standards for the valuation of properties used as collateral against bank loans and to improve the quality level of services offered to banks, setting code of conduct principles as well as putting initiatives in place in relation to the scientific and technical study of valuations. Its work is carried out in collaboration with relevant organizations and regulators, and other market players.
The aims of the Association are:
• to facilitate constant interaction with the relevant regulatory bodies and organizations in order to promote quality standards, transparency and professionalism;
• to provide its members with a series of legal, tax and administrative information services and consultancy services on subjects of common interest;
• to develop initiatives to share and exchange experiences in order to encourage continuous innovation in terms of valuation procedures and methodologies;
• to promote awareness of the adoption of a valuation management and production process for mortgage lending which enables constant control of quality, timescales and the requirements necessary to ensure an impartial and objective valuation.
Organisation
* President: Roberta Brunelli
* Vice President: Silvia Cappelli
* Secretariat: Valter Prete
* Scientific Commitee: Francesco Simone
Membership
The Association is open to new members who share and strive for standard quality objectives for valuations and service level agreements, and who comply with a shared code of conduct.
Publications
Various
On a European level, ASSOVIB has responded to the following consultations:
• IVS "Exposure Draft" 2011
• IVS "Definition of a Professional Valuer"
• IVS "Proposed Code of Ethics for Professional Valuers"
• EC "Mortgage Credit Directive Proposal"
• FSB "Principles for Sound Residential Mortgage Underwriting Practices"
EVS 2020
ASSOVIB published the Italian version of the book.