At AmeriMac, our team ofappraisal experts is happy to help you craft any kind of appraisal review that fits your specifications. We are trusted to provide appraisal services for mortgage loan originators, financial institutions, and others in the lending industry. When you need accurate reports with fast turnaround times, turn to the pros at AmeriMac.
An appraisal review provides commentary on the apparent completeness and accuracy of an appraisal report. Clients, typically lenders but sometimes attorneys, might favor an appraisal review report versus starting over with a new appraisal due to cost or time constraints.
The main purpose of this report is to guarantee compliance with federal and state regulations like USPAP (Uniform Standards of Professional Appraisal Practice). It is also utilized to double-check the market data analysis or value estimate of the original appraisal report. An appraisal review is tailored to the client’s requirements and the type of review report is generally chosen by the client.
The main function of the appraisal review is not to re-appraise the property, but to examine the information in the original appraisal report. Therefore, it’s imperative that the analysis of the original appraisal be impartial. The complete work of the initial appraisal must be fully audited.
As clients in other industries seek out second opinions, the appraisal industry does so in the form of an appraisal review. In this way, appraisal reviews make sense as a reasonable business practice when dealing with the lending industry. Often, these reviews fortify a client’s confidence in the initial appraisal report.
Here are a few situations where an appraisal review is requested:
Often, an appraisal review helps a lending company with risk-management. These reviews play an important role in due diligence by ensuring quality control for the lender’s client, the homebuyer. In litigation and dispute resolution, more than one appraisal report is prepared. In these situations, appraisal reviews add credibility or demonstrate shortcomings.
Appraisal reviews can come in a few different variations. Some software providers offer residential and commercial review forms for numerous kinds of appraisal reviews. All of these forms must be checked for USPAP compliance and accuracy.
“Form” reports can be less standardized and are customized to meet the client’s specific objectives. This includes field reviews, where the review appraiser examines the property, and full reviews, which includes an independent collection of data.
When in compliance with USPAP standards and client requirements, narrative reports can be created in the reviewer’s preferred format. Oral reports can be utilized when the client does not need a written report. This is common in court testimonies and must still be compliant with USPAP before issuing the report. Appraisal reviews can also come in the form of a simple checklist, depending on the client’s situation.
Get a customized appraisal review to perfectly meet your specifications by contacting us today.
The fully staffed customer service department at Amerimac Appraisal Management is available Monday through Friday, 8 a.m. EST to 8 p.m. EST.
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