BRAVE Compliance Checklist

BRAVE Compliance Checklist

Submitting a BRAVE file that fails validation wastes time for everyone — the appraiser, the lender, and the borrower waiting on loan proceeds. This checklist covers every step you should take before delivering a BRAVE data file to any lender client.

Print this page, save it as a bookmark, or integrate it into your quality control process. Following these steps consistently will reduce your revision rate and build a reputation for reliable data delivery.

Step 1: Verify Property Identification Fields

Review the Property category fields for accuracy and completeness:

• Property.Name: Property name matching the report.
• Property.AddressStreet, Property.AddressCity, Property.AddressState, Property.AddressPostalCode: Correct and matching the report header.
• Property.Latitude and Property.Longitude: Valid decimal coordinates.
• Property.Type: Matches the lender's loan file classification. BRAVE covers: office, retail, industrial, multifamily, hospitality, self-storage, special purpose. Mismatches are a common cause of lender rejections.
• Value.Date: Matches the effective date of value in your report.

Step 2: Validate Physical Characteristic Fields

Review the Property building and site fields:

• Property.GrossBuildingArea and Property.NetRentableArea match your report.
• Property.UnitsCount matches the report narrative.
• Property.YearBuilt is a valid Int32 year value.
• Property.SiteFloodZone matches the FEMA determination in your report.
• Property.Zoning matches the report.

Step 3: Check Income Field Mathematics

The 16 Income fields are where most BRAVE files have errors. While the usebrave.org validator does not enforce cross-field math checks, lenders will review these relationships:

• EGI: Income.EffectiveGrossIncome should equal Income.PotentialGrossIncome minus Income.VacancyLoss
• NOI: Income.NetOperatingIncome should equal Income.EffectiveGrossIncome minus Income.OperatingExpenses
• Income.ReservesIncluded correctly indicates whether reserves are in the expense total

Even though these won't fail the validator, inconsistencies will trigger lender review.

For a detailed breakdown of each income field, see our BRAVE Income & NOI Fields guide.

Step 4: Verify Cap Rate and Value Fields

Cap rate errors are a common BRAVE mistake. The BRAVE validator enforces a 0-20% range on Value.CapRate:

• Value.CapRate (Overall Cap Rate): Within 0-20% range. Values outside this range will fail the BRAVE validator.
• Value.DiscountRate and Value.TerminalCapRate: If you performed a DCF, both should be populated.
• Implied value check: Income.NetOperatingIncome / Value.CapRate approximately equals Value.IncomeApproach. (Not enforced by validator, but lenders check this.)
• Primary Income Valuation Method dropdown: Set to "Direct Cap" or "DCF" as appropriate.

See our BRAVE Cap Rate Fields Explained guide for formatting details.

Step 5: Confirm Valuation Conclusions

• Value.ReconciledFinal: Populated with the final reconciled value.
• Value.IncomeApproach, Value.SalesApproach, Value.CostApproach: Populated for each approach used.
• Both value columns: If your appraisal includes a prospective value, populate the second value column (Prospective Upon Completion) in addition to the As-Is column.
• Value.Name and Value.Date: Value scenario label and effective date populated.

Step 6: Cross-Check BRAVE Against the PDF Report

This is the step most appraisers skip, and it causes the most revision requests:

• Value conclusions in the BRAVE file match the PDF report exactly.
• NOI and income figures match the PDF report exactly.
• Cap rate matches the PDF report exactly.
• Property type and subtype match the PDF report description.
• Effective date matches the PDF report letter of transmittal.

Step 7: Run Automated Validation

Even after manual review, run your BRAVE file through automated validation:

• Upload the file to AppraisalAPI.com and review the validation report.
• Fix any errors identified.
• Re-validate after fixes to confirm all issues are resolved.

Step 8: Final Delivery

• Deliver the BRAVE file (XLSX or CSV) alongside the PDF report.
• Confirm the file format matches the lender's requirements.
• Retain a copy of the BRAVE file in your work file.

Following this checklist consistently will eliminate the vast majority of BRAVE submission errors, ensuring your work meets USPAP and lender-specific requirements. For guidance specific to your lender, explore our bank-specific guides for Bank OZK, JPMorgan, and Wells Fargo. For a step-by-step guide to producing BRAVE files, read how to create a BRAVE file. For a catalog of specific errors and fixes, see our common BRAVE validation errors guide.