Appraisal Administrative Review & Evaluation software made easy.
The appraisal report and subsequent review are some of the most important documents in a loan file as they support the underwriter’s determination of whether there is sufficient and appropriate collateral to back the mortgage transaction. As part of the credit approval process and prior to a final credit decision, an institution should review appraisals and evaluations to ensure that they comply with the Agencies’ appraisal regulations. Deficiencies in an institution’s appraisal and evaluation program that result in violations reflect negatively on management. An institution’s appraisal and evaluation policies must establish internal controls to promote an effective appraisal and evaluation program.
RealWired offers appraisal Review and Evaluations software. The founders have Member of the Appraisal Institute (MAI) designations and extensive real estate appraisal knowledge. Our in-house state certified appraisers and staff have the research sources, data, workflow and knowledge to facilitate timely reviews and evaluations. Our quick turnaround times facilitate valuation answers in an increasing competitive banking environment.
The 2016-2017 USPAP (Uniform Standards of Professional Appraisal Practice) addresses Evaluations in Advisory Opinion 13, stating that an Evaluation when performed by an individual acting as an appraiser, is an appraisal. If a non-appraiser is performing an Evaluation, USPAP requirements do not apply. We provide both USPAP compliant and non-USPAP compliant Evaluations.
There are generally two types of Reviews, “Desk” and “Field”. There may also be a combination of the two resulting in a Partial Field Review. The Appraisal Standards Board indicates there are two types of Reviews, “Technical” and “Administrative”. The main difference between the two is who does the review and whether they certify the value. An appraiser doing a Technical Review can change the value and must certify the review. The mechanics of the Technical Review will vary depending upon the scope or nature of the assignment, the client, policy requirements, or the nature of the property appraised. The Administrative Review is performed by the client/users of the appraisal and the review serves as due diligence as part of the lending decision.