Fannie Mae Appraisal Review Checklist

This task involves obtaining the appraisal report from the lender. The report contains crucial information about the subject property's value and condition. It is essential for reviewing and ensuring the accuracy and compliance of the appraisal report. The desired result is to have the appraisal report in hand to proceed with the review. To complete this task, you will need access to the lender's database or contact information to request the appraisal report.

In this task, you will review the description of the subject property provided in the appraisal report. This description includes details like location, size, amenities, and other relevant information. By reviewing the description, you can ensure that the report accurately represents the subject property. The desired result is to confirm the accuracy of the property description. You will need the appraisal report and access to resources that provide additional property information, if necessary.

This task involves examining the property value estimate provided in the appraisal report. The value estimate is a crucial aspect of the appraisal and determines the property's worth. By examining the estimate, you can assess its reasonability and validity. The desired result is to determine if the value estimate aligns with market conditions and property characteristics. To complete this task, you will need the appraisal report and access to resources that provide information on local market conditions.

In this task, you will carefully review the appraisal report to check for any necessary corrections. It is important to ensure the accuracy and completeness of the report. By identifying and addressing any errors or omissions, you can improve the quality of the appraisal. The desired result is to have a corrected and comprehensive report. To complete this task, you will need the appraisal report and attention to detail.

This task involves cross-verifying the inferences drawn from comparable properties in the appraisal report. Comparables provide valuable insights into the subject property's value and assist in determining its reasonability. By cross-verifying the inferences, you can ensure the accuracy and reliability of the appraisal. The desired result is to validate the inferences made from comparable properties. To complete this task, you will need the appraisal report, access to data on comparable properties, and analytical skills.

In this task, you will inspect the property photographs and floor plans provided in the appraisal report. Visual representations offer valuable insights into the subject property's condition and layout. By examining the photographs and floor plans, you can assess their accuracy and relevance. The desired result is to confirm the quality and applicability of the visual representations. To complete this task, you will need the appraisal report and access to property photographs and floor plans.

This task involves reviewing the property condition and improvement details provided in the appraisal report. Property condition and improvements significantly impact its value. By reviewing these details, you can assess their accuracy and relevance. The desired result is to confirm the quality and applicability of the property condition and improvement information. To complete this task, you will need the appraisal report and attention to detail.

In this task, you will check the certification of the appraiser and the appraiser's license number provided in the appraisal report. The certification and license number ensure that the appraiser meets the necessary qualifications and adheres to professional standards. By checking these details, you can ensure the credibility of the appraiser. The desired result is to confirm the appraiser's certification and license number. To complete this task, you will need the appraisal report and access to resources that verify appraiser credentials.

This task involves verifying the professional competency and knowledge of the appraiser. A competent and knowledgeable appraiser ensures the accuracy and reliability of the appraisal report. By verifying the appraiser's professional competency and knowledge, you can ensure the quality of the appraisal. The desired result is to confirm the appraiser's professional competency and knowledge. To complete this task, you will need access to resources that provide information on appraiser qualifications and expertise.

In this task, you will sign-off on the accuracy and compliance of the appraisal report. By signing-off, you indicate that the report meets the required standards and guidelines. The desired result is to confirm the accuracy and compliance of the appraisal report. To complete this task, you will need the appraisal report, knowledge of the review criteria, and the authority to sign-off on the report.

This task involves comparing the appraisal value with local market conditions. Market conditions influence property values and their reasonability. By comparing the appraisal value with local market conditions, you can assess its validity. The desired result is to determine if the appraisal value aligns with local market conditions. To complete this task, you will need the appraisal report, access to data on local market conditions, and analytical skills.

This task involves examining the historical sale price data of the subject property. Historical sale price data provides insights into the property's value trends and history. By examining this data, you can verify the reasonability and validity of the appraisal value. The desired result is to confirm the accuracy and relevance of the historical sale price data. To complete this task, you will need access to databases or resources that provide historical sale price information.

In this task, you will check for any inconsistencies in property details and market data provided in the appraisal report. Inconsistencies can lead to inaccurate valuation and unreliable conclusions. By identifying and addressing inconsistencies, you can improve the quality of the appraisal. The desired result is to have consistent and reliable property details and market data. To complete this task, you will need the appraisal report and attention to detail.

This task involves evaluating the reasonability and validity of the appraisal value. The appraisal value should reflect the property's market worth accurately. By evaluating the reasonability and validity, you can ensure the reliability of the appraisal. The desired result is to determine the reasonability and validity of the appraisal value. To complete this task, you will need the appraisal report, access to data on local market conditions, and analytical skills.

In this task, you will prepare the final appraisal report for submission. This report consolidates all the findings, assessments, and conclusions of the appraisal review. By preparing the final report, you ensure its readability, accuracy, and compliance. The desired result is to have a well-prepared and comprehensive final appraisal report ready for submission. To complete this task, you will need the reviewed appraisal report, necessary formatting guidelines, and writing skills.