Appraisal Review and Review Appraisals - We offer a full line of desk and field reviews for Quality Control, as well as loss mitigation. The reviews can be utilized post or pre-funding and can be a great tool for underwriters and investors to get a professional opinion of an appraisal.
About Reviews :
Field Reviews - A more comprehensive look at the original appraisal, this includes a physical visit to the subject and comparables as well as a detailed analysis of the comparables. The judgment of the appraisers and an overall reconciliation of the previous appraisal are done.
Desk Review - This is typically ordered when the original appraisal is in question and secondary information is unavailable or is in conflict with the original appraisal. This can often be upgraded to a Field Review if the appraisal is in question. A desk review is a good tool for jumbo loans validation as well as evaluating potential fraud or inflated values. This can typically be done in less than 24 hours. With the world seemingly at your fingertips the appraisal world has made some changes to allow valuations with no inspection needed. These desktop solutions vary in scope and in complexity; however, they offer a fast and reliable solution for a quick valuation or analysis.
Retrospective review - Retrospective review's usually take place when a previous appraisal accuracy is questioned. The review is done not based on the current value of the property but rather what the value of the property at an earlier point in time (previous date). The review is not to determine if the value is still accurate but to determine if it was accurate at the time of original inspection.
Automated Review - We have our own automated review that can take a traditional PDF and review the appraisal for possible flaws and inconsistencies. This is done via our tolerance settings and is fully customizable. Every single appraisal completed by us is sent through this system before it is sent to our review appraisers and to the client. We have found by having this is place it helps us catch simple " check box" errors and also assist with more in depth reviews as the software points out information that the review might look over.
Appraisal Review Forms - Even within each type of review there are many different review forms. The review forms are designed to offer a different reporting requirement and scope of work. Some forms take the approach of just making sure everything is accurate while others take the approach of trying to figure out what's wrong with the appraisal and what was left out. The most important thing is not the form but rather what specifically you as a client are looking for. Multiple things can be wrong with appraisals and the value is only a small part of of looking at the appraiser. Whenever a review is ordered, it's a good idea to not only request a review to be done on the value, but also specific information on the appraisal that is in question. Things that could be mentioned are the availability of other comparables, accurate reporting of square footage and proper representation of both the comparables and the subject.