To qualify for the safe harbor
provided in section 226.43(c)(2), 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.
