For the mortgage loan process to run smoothly, it is imperative that appraisal reports are accurate. That is why, on occasion, additional steps and safeguards are required to ensure the reliability of a report. This is typically accomplished through an appraisal review. While the review may be performed in a few different ways, one of the most common is known as a desk review.
An integral part of the appraisal process, a desk review can be thought of as an informed second opinion that seeks to verify the logic of an appraisal and investigate its procedures. Usually less time-consuming than a field review—and therefore more cost effective—the reviewer assumes that the best available comparables were used by the appraiser, eliminating the need to physically inspect the property.
The duty of the reviewer is to identify any omissions or mistakes potentially made by the appraiser and, once finished, either agree or disagree with the appraiser’s findings. If the reviewer determines that the report is deficient, the lender may question the accuracy of the property’s value. This, in turn, often leads to a second appraisal which—in addition to the extra cost—can place the financing in jeopardy.
At QMiS, we offer a wide range of support services, including appraisal desk review. Discover the value and time-saving resources we bring to your business when you work hand-in-hand with our knowledgeable team.