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Appraisal Review Checklist Section 12.1: General Forms Single Family Property Indicate the Appraisal or Marketability Report type being reviewed: 1004 2055 Exterior Only 2070 Exterior Only For DU/LP

How to fill out appraisal review checklist

How to fill out appraisal review checklist:

1. Start by reviewing the purpose of the appraisal review checklist. Understand that this checklist is designed to ensure that the appraisal process is thorough and accurate.
2. Familiarize yourself with the criteria included in the checklist. This may include factors such as property condition, market analysis, comparables, and other relevant details.
3. Carefully examine the appraisal report and compare it with the checklist items. Pay attention to any discrepancies or missing information that should be addressed.
4. As you review each item on the checklist, evaluate whether the appraisal report meets the required standards. If any deficiencies or areas of concern are identified, make note of them for further discussion or clarification.
5. Use the checklist as a guide to organize your review comments. Clearly communicate any findings or recommendations to the appropriate stakeholders, such as the appraiser or supervisor.
6. In addition to checking off items on the checklist, provide detailed explanations or justifications for your assessments. This will help ensure transparency and thoroughness in the review process.
7. Collaborate with the appraiser or other parties involved to resolve any identified issues. This may involve requesting additional documentation, conducting further analysis, or seeking clarification on specific areas.
8. Keep detailed records of your appraisal review process, including any correspondence, discussions, or revisions made. These records may serve as valuable references and evidence of due diligence in the future.

Who needs appraisal review checklist:

1. Lenders: Financial institutions and lenders often use appraisal review checklists to verify the accuracy and compliance of appraisal reports before making lending decisions.
2. Appraisal management companies: These companies typically perform quality control checks on appraisals as part of their service offerings. The appraisal review checklist helps ensure that appraisals meet industry standards.
3. Regulators: Regulatory bodies may require appraisal review checklists as a means to monitor the quality and consistency of appraisals within the real estate industry.
4. Appraisers: Some appraisers may use the checklist as a self-assessment tool to ensure that they have addressed all necessary aspects of their appraisal reports before submitting them.
5. Clients: Clients who commission appraisals may use appraisal review checklists to assess the quality and reliability of the appraisal they have received, ensuring that it meets their specific requirements and standards.

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