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Mmc appraisal Review Procedures Appraisal Section


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The appraisal review check list consists of questions intended to prompt the examiner for specific review. Unless noted, a “No” answer indicates a need for further review and/or explanation.







MMC Appraisal Review Procedures




Appraisal Section

Yes

No

Examiner Notes [Document supporting evidence and note determinations and findings made.]




REFINANCES

1

Is the subject property currently NOT offered for Sale?










2

Is the OCCUPANT marked owner (refinances of primary residences only)?










SUBJECT PROPERTY

3

Does the Property Address on the appraisal match the property address on the contract and Residential Loan Application (1003)?










4

Does the Borrower on the appraisal match the contract and 1003?










5

Is the owner of Public Record the same as the owner on the contract and title?










6

Is the property a PUD or Condo? (If yes, add HOA dues to DTI ratio)










7

Is the property listed as fee simple?










8

Does the assignment (transaction) type match the 1003?










9

Is the Lender/Client listed correctly?










10

Has the property been listed for sale in the last 12 months?










CONTRACT

11

Did the appraiser analyze the contract?










12

Does the contract (with all addendums) price and date on appraisal match contract in file?










13

Are there any seller contributions or seller concessions?










NEIGHBORHOOD

14

Are Property Values increasing or Stable?










15

Is Demand/Supply Shortage or in Balance?










16

Is marketing time under 3 months or 3-6 months?










17

Have you read all comments? (If no, read comments thoroughly)










SITE

18

Is Zoning Classification = Residential?










19

Is property Highest & Best Use = Yes?










20

Is site less than 10 acres?










21

Are Water and Sewer public? (If no, did appraisal make derogatory comment, i.e. well and/or septic certification required)










22

Is the Street Public? (If no, review title for easements i.e. shared driveway, private road maintenance)










23

Is property in a Flood Hazard Area? (If yes, confirm with flood certification)










24

Have you read all comments? (If no, read comments thoroughly)










IMPROVEMENTS

25

Is the difference between Year Built and Effective age reasonable?










26

Are Exterior and Interior Items in average or better condition?










27

Is subject property free from physical deficiencies that would affect liability, soundness, or structural integrity?










28

Have you read all comments? (If no, read comments thoroughly)










SALES COMPARISON GRID

29

Do the 1st and 2nd lines (# of available comps) at top of page 2 confirm information re: Neighborhood section on page 1 and age of comparables?










30

Is the subject property description on page 2 consistent throughout the appraisal?










31

Are comparable sales dated within 6 months? (If no, be aware of declining market issues)










32

Did the appraiser provide comments relating to any time adjustments? (If yes, be aware of declining market issues)










33

Are comparable sales within close proximity of subject for neighborhood character (Urban, Suburban, etc.)?










34

Do the comparable sales have sales prices GLAs that bracket the subject?










34

Is comparable sales source acceptable?










35

Are financing concessions in grid consistent with appraiser comments?










36

Is date of sale consistent with marketing time on Page 1 and top 2 lines on page 2?










37

Do comparable sales have similar characteristics that would impact marketability (style, square footage, bedroom count, etc.)?










38

Does the subject have any auxiliary features (I.e. Studio, mother-in-law suite, guest suite, etc.)? A “YES” answer warrants further review.










38a

If so, is marketability demonstrated via acceptable comparable sales?










38b

Should the property be considered a 2-4 family property? A “YES” answer warrants further review.










39

Does the subject property have a unique design (i.e. log home, earth berm home, geodesic dome, etc)? A “YES” answer warrants further review.










40

Are any line adjustments greater than 10 percent? A “YES” answer warrants further review.










41

Are net and gross adjustments greater than 15% and 25%, respectively? A “YES” answer warrants further review.










42

Is square footage of comparable sales similar to that of the subject?










43

Has any below-grade square footage been included in overall calculation? A “YES” answer warrants further review.










44

Are there any “upgrade” adjustments (i.e. pool, outbuilding, etc)? A “YES” answer warrants further review.










45

Did appraiser research the sale/transfer history of subject and comparable sales?










46

Has subject sold or transferred within the last 3 years? A “YES” answer warrants further review.










47

Have comparable sales sold or transferred within the last 12 months? A “YES” answer warrants further review.










48

Are subject and comparable sales void of foreclosure and non-arm’s length transactions?










49

Have you read all comments? (If no, read comments thoroughly).










RECONCILIATION

50

Is the appraisal made “as is”?










50a

If yes, is following comment made: “No adverse conditions exist that affect livability, soundness, or structural integrity.”










50b

If no, and subject to completion or repairs, is a final inspection with photos documented?










APPRISAL ADDENDA/OTHER

51

Does appraisal contain all exhibits/attachments?










52

Are subject photos and sketch consistent with appraiser’s description?










53

Do photos of subject and comparable sales look similar?










54

Per the comparable sales map, are comparable sales located within the subject market area?










55

Is the appraisal dated within 12 months?










56

Is the appraisal dated within 120 days?










57

Does the appraised value support the sales price?










58

Is the appraisal signed and dated?










59

Is the appraiser licensed and is a copy of their license attached to the appraisal?










60

Have you read all comments? (If no, read comments thoroughly).













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