WHY “appraisal review” for
institutions are required to implement a program of independent
appraisal and evaluation. Such a program is put into place
to ensure the independence of the valuation process and maintain
reliable and credible lending practices.
qualified Review Appraiser has the experience, education, judgment,
ethics to fully understand the use of
in residential lending. Such a Review Appraiser can identify
what may be typical and common appraisal problems versus
that which is likely intentional mortgage fraud.
Review by a qualified expert may uncover: (A) Failure of the
appraiser to comply with professional standards
forth in the Uniform Standards of Professional Appraisal
Practice (USPAP). (B) Approaches to value that are incorrect.
or unreliable data in the appraisal.
The process of Appraisal Review provides the Lender with Quality
Control (a.k.a., “Appraisal Quality Assurance”)
for determining the reliability of appraisals upon which the