A file traditionally comes to you when something about it is questionable. Your job is to answer the questions and make a decision. Concerns about the property data and comparables used, appraisal techniques, and others’ judgment give you the levers to pull—then it’s up to you to ferret out the truth. If accurate data were easy to find, gridding out a property and making the right decision would be a snap. But facts can be elusive, especially when someone who knows what you’re looking for wants to keep you from finding the truth. You may have a strong feeling that something is wrong, but you can’t change a property’s appraised value or ask for a new appraisal without providing data to support your decision. And while you’re pulling the data, more appraisals arrive and wait for your review.
From a cost perspective, appraisal review is a high-ticket function, requiring well-paid, experienced professional staff. Every minute spent tracking down information is time your appraisers could be using their analytical expertise to assess information. The institution also needs a consistent policy for risk tolerance and business rules that guide decision making to ensure all reviewers apply organizational standards. Most important, loans must move rapidly through review to provide maximum oversight without slowing production.
For a modest transaction cost, First American CoreLogic tools offer an exceptional return by eliminating hours of research time. First American CoreLogic takes the time out of appraisal fact-finding by pulling data from several sources into a single report, with issues flagged and the data behind each flag—within seconds. We designed our solutions working with several appraisal review experts to understand precisely what’s needed and incorporate a variety of grid styles and processes into a practical, effective solution. Easy customization features allow you to match the system and reports to your work style, rather than demanding you change to match the system.
Our tools do the legwork for you and deliver the data to your desk, drawing from the data sources you rely on—recent sales; property characteristics; each comparable’s characteristics, mapped location and distance away; even satellite photos. We also deliver hard-to-find data, such as owner occupancy and foreclosure rates in the area. It still takes your practiced eye and experience to make the determination, but First American CoreLogic tools substantiate your decision by gathering and supplying all supporting data. You close the file confidently—with no loose ends to track down or questions left unanswered—and move on to the next.