Independent review appraisals help you understand risk and meet compliance objectives. We have a strong, national base of experienced, competent appraisers who provide market and product expertise on each specific property category. From order assignment to in-house quality assurance review to final report delivery, you can be confident your Service 1st valuation products meet specific account, product and industry compliant requirements. Our review appraisal services always include:
- Same-day fee quotes
- Competitive pricing with quick turn-around times
- No contract required
- Service in all states except MT, NE, SD, and WY
- Pairing you with an experienced local MAI commercial appraiser
- Placing appraisal orders on your behalf
- Drafting a well-defined engagement letter per your design
- Tracking your order from beginning to end, including quality control
- Frequent updates on order status and timeline
Field Review Appraisals
Many loan programs are requiring a field review appraisal in addition to a standard appraisal. It includes a visual inspection of the property (from the street) and the surrounding neighborhood, plus comparable sales are included.
Retrospective Field Review Appraisals
A retrospective field review appraisal is usually needed when a previous appraisal accuracy is in question. The review isn’t based on the current value of the property, rather what the property value was at an earlier point in time. The review is to determine if the property was accurate at the time of the original inspection.
Desk Review Appraisals
A desk review appraisal is basically a second opinion of the value of a property. The property that was appraised is analyzed again to double check the actual value of the property.
Forensic Field Review Appraisals
Real Estate, collateral value, and the system generating financing for borrowers and investors alike, are cornerstones to our economy. The last several years have arguably been more devastating to both housing and the overall health of our economy than any other time in our country’s history.
Every ten to fifteen years, we are reminded of how essential Collateral Value is to the success of our mortgage system and the greater economy. In the 80’s it was the S&L crisis. In the 90’s it was the Asian Financial crisis that led to a “flight to quality” in our country, and a battering of the sub prime mortgage market. And, now over the last several years, we have been taking a painful hard look at our practices from start to finish and analyzing what factors played a role in our current mortgage and real estate environment that led to an unprecedented decline in virtually all types of real estate investment assets.
Forensic field review appraisals are relied upon for uncovering appraisal fraud and address compliance issues. Our detail oriented forensic field review appraisal includes, but not limited to:
- FNMA Form 2000 or 2000A.
- Original photos of the subject and new/additional comparables.
- Full MLS printouts, if available.
- CMAs and/or Data Reports, if available.
- Property tax and deed records/property card information.
- Market trend analysis reports as of the effective date and up until the current date.
- Aerial Mapping leading to a more thorough discussion of external obsolescence.
- Summary and/or reconciliation addendum that may add additional insight to address specific client points of interest.
Valuation Risk Analysis (VRA)
We’re proud to offer our clients a new, powerful desktop appraisal review product called Valuation Risk Analysis (VRA). Lenders, conduits, due diligence companies and investors can implement VRA to grade appraisals and determine valuation risk. There’s so much more to determining appraisal risk than ordering a Broker Priced Opinion or Standard Desk Review. VRA is placed in the hands of a forensically-trained expert appraiser who will analyze:
- The original appraisal
- An automated risk review of every field of the original appraisal
- Appraisal risk scoring of the original appraisal
- Public and proprietary databases
- Online imagery and mapping technology
The final QC review is completed by Service 1st’s nationally recognized, centralized appraisal review team.
- Appraiser selection and training
- CA Risk Profiler: Original Appraisal Focus
- Grading system
- Clients have choice in additional data resources
- Multiple data sources utilized; not just MLS
- Consistent Results—There’s no black box
“VRA is the most comprehensive valuation analysis product available in the market”