#Bank home appraisal checklist professional#

The appraiser provides an appraisal report in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. When an appraisal request comes in from a lending institution, the appraisal management company assigns a suitable appraiser to offer an appraisal report for the relevant property.Īlso, keep in mind that appraisers do not receive any prior indication of the home value and might not directly communicate with the lender. An appraisal management company has a pool of qualified and experienced appraisers to provide reliable appraisals. Professionals who review home appraisals have to talk to the appraisers if any modifications or corrections are required to make the appraisal error-free.įor example, experienced reviewers at AmeriMac Appraisal Management follow up for reports and coordinate appointments with borrowers. This is why it is essential to understand which form is applicable for what kind of properties. There are different appraisal forms and other paperwork used to appraise different kinds of properties, such as condos and multifamily homes. Forms and PaperworkĪs a real estate agent, you may know that property appraisal is complex. It is also worth noting that mortgage investors, like the Federal Home Loan Mortgage Corporation, now mandate lenders to conduct frequent and random appraisal quality reviews.Īnd since Freddie Mac and similar mortgage investors in the US purchase a significant number of residential mortgages from lenders, their comprehensive appraisal review guidelines are essentially mandatory requirements. You should note that since the 2008 real estate debacle, mortgage lenders are under an obligation to review more home appraisals to identify any potential quality issues and make the process more transparent.