Appraisal Review Checklist printable pdf download

Appraisal Review Checklist

Conventional Conforming Transactions

LOAN FILE IDENTIFICATION

_________________________________________

_____________

Borrower Name

CMC Loan #

________________________________________________________________________________

Property Address

INSTRUCTIONS – COMPLETE:



Loan File Identification



Instructions Checklist



Pre-Review Requirements



Subject – Appraisal Section



Contract – Appraisal Section



Neighborhood – Appraisal Section



Site – Appraisal Section



Improvements – Appraisal Section



Sales Comparison Approach – Appraisal Section



Reconciliation – Appraisal Section



Additional Comments – Appraisal Section



Cost Approach – Appraisal Section



Income Approach – Appraisal Section



PUD Information – Appraisal Section



Appraisal Addenda/Other – Appraisal Section



Exhibits



Preparer Information

PRE-REVIEW REQUIREMENTS



Is the appraiser included on the specific investor’s “Exclusionary” list?

Review/apply the requirements in the applicable

“Investor DU/LP Overlay Matrix” on the

Conventional

Underwriting

page on the CMC Intranet, and

Review/apply the investor’s guidelines.



Is there a DU Underwriting Findings “Red Flag Message” related to

Review/apply the

Conventional Loan Standards

“Excessive Value” or “Rapid Appreciation”? OR

(CLS), and



Is there an LP Feedback Certificate HVE “Y3” or “Y6” message?

Review/apply the requirements in the applicable

“Investor DU/LP Overlay Matrices” and investor

guidelines, and

Apply the more restrictive of the requirements in the

CLS or the investor’s guidelines.



Review/apply the

Conventional Loan Standards

(CLS)

Were all CMC appraisal-related requirements met?



Review/apply the requirements in the applicable

Were all investor specific appraisal-related requirements met?

“Investor DU/LP Overlay Matrix,” and

Review/apply the investor’s guidelines.



__________

Review/apply the DU Underwriting Findings or the LP

Was the correct appraisal form used? Appraisal Form #:

Feedback Certificate appraisal/inspection report



Was the UAD version used, if the appraisal form is listed below?

requirements.

Uniform Residential Appraisal Report (Fannie Mae Form

1004/Freddie Mac Form 70)

Individual Condominium Unit Appraisal Report (Fannie Mae Form

1073/Freddie Mac Form 465)

Exterior-Only Inspection Individual Condominium Unit Appraisal

Report (Fannie Mae Form 1075/Freddie Mac Form 466)

Exterior-Only Inspection Residential Appraisal Report (Fannie

Mae/Freddie Mac Form 2055)

(Revised 8/17/2011)



Review the UCDP “Submission Summary Report” (SSR)

Were all UCDP requirements met?

and “Compliance Findings Report” (CFR). If any of the

(Added 8/17/2011)

following items are included in the SSR or CFR, refer to

Step 6 in the

UCDP Portal Submission & UW

Process.

Fatal Errors

Basic Appraisal Edits

UAD Warning Messages

Appraisal Review Checklist

Page 1

August 17, 2011

Appraisal Review Checklist

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