This is the shortest and most streamlined review. While some licensed appraisers prepare evaluation reports, most are prepared by other real estate professionals. This report does not contain a USPAP/FIRREA checklist.
Also known as a compliance review or compliance checklist, this review includes a USPAP/FIRREA checklist to insure compliance to regulatory standards. This review will determine if acceptable appraisal methodology was utilized in the appraisal report and whether or not the appraisal report is generally acceptable.
This is the most comprehensive review report. This report contains a written narrative section describing the strengths and weaknesses of each approach utilized in the appraisal report. An opinion of the analysis and conclusions is summarized within the parameters as described in Standards 3 and 4 of USPAP. Typically, if there is a valuation issue that arises during the course of the appraisal review, the appraiser is contacted to address the issue and the client is made aware of any potential issues. This process is completed so as not to place undue pressure on the appraiser while simultaneously addressing the lenders concerns. SCS Midwest makes it the highest priority to produce a “win-win” situation for all parties involved, using the utmost respect and professionalism for each party’s viewpoint.
SCS Midwest can provide new ideas to Appraisal Solution Providers and Software Development Teams seeking to improve accuracy in their existing AVM’s. Do you have development expertise, but need to better understand the mechanics of how an appraisal report is written in order to complete accurate code? Do you require guidance on how comparable data selections, expense data, or capitalization rates are concluded for specific property types? What market data is typically used and what is the source? We can provide on-site or off-site support to your development team to more accurately hone the algorithm your team needs.
SCS Midwest supports colleagues in the appraisal industry with years of appraisal expertise within our review team. Is your appraisal firm short-handed or has a large incoming portfolio that needs additional review expertise quickly? We offer support to appraisal colleagues on a global capacity when you need additional resources.