I am working on revamping our internal appraisal process and more formalizing our appraisal review function.

As I get the work kicked off, I was hoping to find some help via the Forums on the following questions:

1.) I have been unable to find any firm effective date as to when bank's needed to have a documented appraisal review in file. The best I can find are from the Interagency Guidelines from December 10th, 2010. Is there a specific date when bank's needed to have this documentation in each credit file?

2.) We perform many in-house evaluations in lieu of certified appraisals based on loan size and type. In the past, a number of these have been based off of the county's assessed value. The assessed value has been accompanied by an in-house evaluation page supporting the value. Has anyone experienced examiners frowning upon not utilizing comparables when performing an in-house evaluation?

Thanks!

Speaking just for my instituion

1. We review appraisals (including in-house evaluations) before the loan closes. The valuations and smaller appraisals just need to have the reviewer sign and date. The larger more complex appraisals will have a signed memo from the reviewer stating salient facts and whether the reviewer concurs. This memo is attached (stapled) to the front of the appraisal.

2. Our in-house valuations usually use the information from the county's property appraisers' website as a starting point. We do check comps since our county's PA site has a feature allowing searches by sales. We print out the comps and use those to adjust the final value for the property. The evaluation is reviewed and the reviewer signs off.

Ours did fall 2009 - prior to the guidance. They wanted comps. So, we started charging borrowers to pay a local appraiser to gather us comps for this. Apparently, tax appraised values regionally were not be trusted.

Does anyone have a evaluation/appraisal checklist sign off sheet.

I have an example we use for consumer real estate loans if you still want one

You can find a checklist developed by MGIC at https://www.mgic.com/seminar-materials/appraisal.html .