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 physically
visit to the subject and comparables as well as having a detailed analysis of the comparables.
The judgment of the appraisers and a overall reconciliation of the previous appraisal
is done.
Desk Review - Is typically ordered when the original
appraisal is in question and secondary information is unavailable or
conflicts the original appraisal. This can very 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.
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.
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We have had some of the same clients for
over 15 years.
To be with the best you have to work with
the best let Coester Appraisal Group show
you why so many companies have chosen
Coester Appraisal Group as their valuation
source.
