Description |
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Was the appraiser directly engaged by the bank or another acceptable financial services institution without any involvement on the part of the borrower or the loan production staff? |
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Is there a copy of the engagement letter in the report or the credit file? |
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Does the appraiser state that the report follows the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Standards Board of the The Appraisal Foundation? |
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Was the appraisal conducted by an appraiser licensed or certified in the state in which the property is located? |
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Was the report completed by an appraiser with the correct certification or license:
[__] Licensed- Non-Complex Residential up to $250,000
[__] Certified Residential - Complex or Non-Complex Residential up to $1,000,000
[__] Certified General - All property types |
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Does the report state that the appraiser is competent to perform the assignment, or does the Appraiser's Statement of Qualifications and Log of Recent Assignments indicate competence? |
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If the appraiser stated he was not competent, does the report disclose what the appraiser did to achieve the proper competency? |
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Is the appraisal report type stated, i.e. Self Contained, Summary or Restricted Use? |
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Is the report written, and does it contain sufficient analysis that allows the reviewer to understand the data, analysis and conclusions that were reached? |
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Is the definition of Market Value correctly based on the definition that is found in 12CFR 34.42(f)? |
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Did the appraiser analyze any current Agreement of Sale, option or listing of the property that is being appraised, including any impact on his value estimate instead of just reporting the data? |
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Did the appraiser analyze any Agreement of Sale, option or listing of the property being appraised during the last three years, including any impact on his value estimate instead of just reporting the data? |
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If the property is an income producing investment property in whole or in part did the appraiser analyze and report data on the current lease revenues, vacancies, absorption, expenses and capitalization or discount rates? |
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Does the Appraisal Report reflect current market conditions? |
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Does the report analyze and report appropriate deductions and discounts for proposed construction or renovation, partially leased buildings, non-market lease terms, and tract developments with unsold units? |
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Does the report contain a certification in compliance with USPAP Standard 2 that includes a statement that the assignment was not contingent on a specific value or loan approval? |
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Does the report contain sufficient supporting documentation to indicate the reasonableness of the conclusions that were developed? |
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Does the report contain a legal description that was taken from a conveyance document or title commitment? |
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Does the report include a separate breakdown of the value between the value attributable to the (1) Land and Improvements, (2) Personal Property, Equipment or Fixtures, (3) Business Enterprise Value, or (4) Any Other Tangible or Intangible Item of Value? |
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If requested, does the report include a discussion of a reasonable marketing and exposure time for the subject property? |
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