Local Desk Review – Fifth Third Bank
Report Form: Use form 2006 form (RARS).
Intended Use: this Local Desk Review is used to evaluate the accuracy and credibility of an original appraisal as of its effective date. This review is completed prior to funding a mortgage loan transaction.
Scope of Work: no photos or drive‐by of the subject is required. Please ensure there is appropriate commentary in each review. Fifth Third will not accept “check box reviews.” See Key Quality Statements below. If the reviewer disagrees with the value by greater than 10% they should grid more appropriate sales data in order to support their value conclusion.
- COMPLETE REPORT IS DUE in 24 hours from acceptance ~ strict adherence to required turn times is required ~ any delays MUST be communicated to our office as soon as possible.
- Reviewer must have competency commensurate with the location, site, improvements, and highest and best use of the subject property. Verifiable information utilizing local MLS information as well as any other local data sources should be utilized for the appraisal being reviewed.
- Reviewer must have appropriate level of license for the property being appraised (i.e. certified appraiser if over $1M).
- Reviewer is required to research, analyze, and report the subject's three (3) year sales history and the subject's prior 12 month listing history.
- Reviewer will assess the relevance of the comparable data provided in the appraisal, identify any superior sales data, evaluate the adjustments made by the appraiser and note any inaccurate information within the appraisal or any methodology defects made by the appraiser.
- Original appraised value must be re-stated if agreeing with the appraisal report under review.
- Additional comparables need to be provided if original appraised value is proven to be unsubstantiated or incorrect. Any new data provided must be analyzed in a typical sales grid. A location map identifying the subject and the new review comparables is required. MLS photos of the new comparables in a photo addendum are sufficient.
- Include a copy of your current license/certification as part of the Desk Review.
Key Quality Statements: ***DON’T JUST CHECK THE BOX***
- If the reviewer agrees with the comparable selection and adjustments, a statement is needed that the best comparables were utilized.
- If the reviewer agrees with the comparable selection but disagrees with adjustments, the reviewer must re-grid comparables with appropriate, market supported adjustments. A statement is needed that the best comparables were utilized, but were adjusted incorrectly. Appropriate support must be provided.
- If the reviewer agrees with the original appraisal, a statement is needed citing the original appraisal appears to have been written within appropriate industry guidelines.
- If the reviewer agrees that the quality of the subject was confirmed as similar to the quality of the comparables – a statement verifying the source or rationale utilized is needed.
- Provide a statement featuring how the data was checked - sources used to verify right or wrong.