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#1617386 - 10/19/11 02:02 PM Appraisal Review Requirements
WormUNB4L Offline
Gold Star
Joined: Jul 2005
Posts: 250
Midwest
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!

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#1617431 - 10/19/11 02:39 PM Re: Appraisal Review Requirements WormUNB4L
Cats Offline
100 Club
Cats
Joined: Jan 2010
Posts: 192
Florida
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

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#1617605 - 10/19/11 05:35 PM Re: Appraisal Review Requirements WormUNB4L
Always In Training Offline
Diamond Poster
Joined: Jul 2006
Posts: 1,110
Where the Green Grass Grows
Originally Posted By: WormUNB4L

2.) ...Has anyone experienced examiners frowning upon not utilizing comparables when performing an in-house evaluation?


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.

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#1628199 - 11/14/11 07:47 PM Re: Appraisal Review Requirements Always In Training
Help!!! Offline
Member
Joined: Aug 2011
Posts: 51
Arkansas
Does anyone have a evaluation/appraisal checklist sign off sheet.

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#2008423 - 04/16/15 01:57 PM Re: Appraisal Review Requirements Help!!!
ComplianceQ Offline
New Poster
Joined: Nov 2014
Posts: 7
Ohio
I have an example we use for consumer real estate loans if you still want one

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#2009583 - 04/22/15 06:57 PM Re: Appraisal Review Requirements WormUNB4L
WHEDA Offline
100 Club
WHEDA
Joined: Apr 2009
Posts: 189
Wisconsin
You can find a checklist developed by MGIC at https://www.mgic.com/seminar-materials/appraisal.html .

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