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#1753326 - 10/29/12 09:27 PM Appraisal Review $$ Threshold
Sci_Comply Offline
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Sci_Comply
Joined: Sep 2011
Posts: 189
I'm trying to polish up our appraisal reviews and I came across a couple of questions from a loan officer:

1) Is there a $$ threshold of when an appraisal review checklist is required?

2) Is an appraisal review checklist required on the in-house evaluations completed by our bank?

Our loan policy should be reworked to include these answers as there is currently nothing that mentions reviews. Thoughts?

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Lending Compliance
#1753374 - 10/30/12 01:29 PM Re: Appraisal Review $$ Threshold Sci_Comply
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,762
Bloomington, IN
All appraisals and/or evaluations must be reviewed prior to a credit decision being made. There are a few exceptions found in Appendix A of the Interagency Appraisal Guidelines.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1753482 - 10/30/12 05:22 PM Re: Appraisal Review $$ Threshold Sci_Comply
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
You would probably want a small, less intensive checklist for evaluations and a more in-depth checklist for appraisals.
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