Change Restrictions

The lender’s staff appraisal reviewer (SAR) may issue a NOV that is up to

5 percent above or below the fee appraiser's value estimate provided the adjustment is:

·   clearly warranted and fully supported

-                                  by the real estate market, or

-                                  by other valid data considered adequate and reasonable by professional appraisal standards,

And

·   fully documented.

  The documentation must:

-                                  be attached to the original appraisal report,

-                                  include any supporting documentation from the fee appraiser or any other source, and

-                                  include a completed sales comparison grid in appraisal report format, or similar format, when appropriate.  This analyzes any additional sales data, including adjustments for all value-related differences between the subject property and the additional sales.

Other Changes

Changes in fee appraiser repair recommendations are addressed in Section 13.06 (under “NOV Item-Repairs”)

Value increases of more than five percent or other changes requested after the notice of value is issued are addressed in Section 13.09.