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.
"There should be a critical duration time after which it is perfectly acceptable to bite someone like a raptor." D. Shepherd