Front Line in Quality Control
Our customized rules engine is designed to evaluate and score every appraisal on all compliance check points, including UAD rule sets and common underwriting guidelines. Valued Veterans leverages and blends a fully staffed appraisal review department that utilizes real time data, fed by local MLS, public record and geo-specific data analytics to ensure reports are well supported.
- Product/Loan type Product Performance
- Client Experience, Staff Efficiency and Accuracy
- Client Business Intelligence (BI) Dashboard: Appraiser Performance, Turn Time, Revision Rate, Revision Pre- and Post- Delivery Categories (View Sample)
- Fully Customizable and Tailored Reporting on SOW service level agreement. (Request Sample)
- Geographic Report – State, County, Zip Code
- Proximity to Subject Property,
- Geographic Competency (including Metropolitan or Agricultural Past Performance
- Competency Level of the report type requested),
- Appraiser Availability
- Scorecard and necessary job specific Licenses, Certs and Qualifications
(i) appraisers address of record is mapped within our AMS technology by miles distance in a beeline to the subject property.
(ii) The Appraisers profile also notes the specific number of assignments by product and zip code within the previous 12 months.
(iii) Within the supplemental addendum appraisers are required to state which data sources they have access to and utilized. Several of our clients request that the appraisers be required to make as part of their report or provide separately an MLS print out for each comp used in report as well as a list or Market Report showing recent sales/stats in the area.
Prior to accepting an assignment or entering into an agreement to perform any assignment for Valued Veterans, an appraiser must have the knowledge and experience to complete the assignment competently. All appraisal assignments include an agreement within the engagement letter attesting that the appraiser has the geographical competency to complete the assignment. In the event that they are not competent, the appraiser will notify their workflow coordinator before proceeding. In those instances the assignment is reassigned to a qualified local appraiser to ensure development of credible assignment results.
The level of quality control and depth of review is based on the Service Level Agreement, defined by the client at the onset of an engagement, specifying items that are required to be verified in each report. This could include the requirement of the appraiser to upload the MLS sheets or Tax records for each sale used. The quality control department is required to confirm that the information on the Appraisal matches the information on the supporting documents provided and any inconsistencies are identified and explained in the appraisal report (this last bit isn’t referring to the QC department).
Other clients require that an AVM is conducted on each Appraisal to ensure the subject’s characteristics are correct and that the comparable sale and listing data is reasonable based on competing sales and local market listings. Additionally, the RealView report can be used to confirm the data provided in the 1004C form.
3-Step Review Process
Appraisal Quality is our foremost concern and for that reason we have developed 3-Stage process which insures that each report is carried out in a standardized and compliant manner.
STEP 1: Pre-Screen Diligence
- USPAP Certified Analyst reviews client specific requirement inclusion
- Performs internal pre-screen checklist (can be lender specific)
- Submission to Real View for deep dive data analytics comparison
STEP 2: Field and Desk Analysis
- Nearby closed, open and pending sales
- Nearby listings
- Neighborhood trends
- County Assessor data
- Property occupancy
- Local market trends
- Foreclosure Activity
- Subject property market analysis
- Transaction history, including transfer and deed types
- 1,300+ specific data points analyzed
- Review against custom review rule set(s) established by the client
- Rule set exceptions communicated to appraiser to speed completion
- Appraiser license status verified
STEP 3: Final In-House QC Inspection
- Licensed appraiser reviews the analytical findings from Stage 2
- Further inspects appraisal for readability and supportive narrative
- Makes decision to pass or fail for upload and client delivery
- Issues any revisions back to appraiser for corrections
At Valued Veterans, we offer all the power and resources of the largest AMCs and yet still treat every order as if it were our only one. We are versed in market areas nationwide, providing a unique bridge between lenders, appraisers and homeowners.