§ 1980.131 - Appraisal review.

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The State Director or designee(s) will:

(a) Provide for the framework of the real estate appraisal review and monitoring function and the documentation thereof;

(b) Perform appraisal reviews in accordance with the requirements of Standard 3 of the USPAP and perform at least one appraisal review per fiscal year for either each appraiser, or each lending institution that prepares, or uses, a real estate appraisal for the guaranteed program in a given fiscal year; and

(c) Provide appraisal training and guidance to assist State and field office personnel in making guaranteed approval decisions and serve as a resource to approval and underwriting officials performing administrative appraisal reviews, as needed.

                    
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