To qualify for the safe harbor
provided in section 1026.35(c)(3)(ii), a creditor must confirm that
the written appraisal:
1. Identifies the creditor who ordered
the appraisal and the property and the interest being appraised.
2. Indicates whether
the contract price was analyzed.
3. Addresses conditions in the property’s
neighborhood.
4. Addresses
the condition of the property and any improvements to the property.
5. Indicates which valuation
approaches were used, and includes a reconciliation if more than one
valuation approach was used.
6. Provides an opinion of the property’s
market value and an effective date for the opinion.
7. Indicates that a physical property visit
of the interior of the property was performed, as applicable.
8. Includes a certification
signed by the appraiser that the appraisal was prepared in accordance
with the requirements of the Uniform Standards of Professional Appraisal
Practice.
9. Includes
a certification signed by the appraiser that the appraisal was prepared
in accordance with the requirements of title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989, as amended (12 U.S.C.
3331 et seq.), and any implementing regulations.
