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?

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.

You would probably want a small, less intensive checklist for evaluations and a more in-depth checklist for appraisals.