From automated appraisal review products to in-depth desktop reviews, Streamline Evaluation Services provides full-service review solutions. We work with financial institutions to ensure that their internal requirements are met, while also maintaining compliance with the Uniform Standards of Professional Appraisal Practice, federal regulation 12 CFR Part 34 (Title XI of FIRREA) and standards endorsed by the Appraisal Institute and other professional organizations.
Our review process ensures that each report offers a supportable opinion of value by addressing standards requirements, making sure the appraisal meets a regulatory compliance checklist, and then offering conclusions and recommendations to the client. This process guarantees that the appraisal contains adequate, relevant and meaningful discussion, analysis and rationale so that it can be readily understood to lead to a credible value conclusion, and contains sufficient supporting documentation to indicate the reasonableness of the conclusion.
Our Automated Residential Review incorporates property characteristics and comparables with appraisal logic, price-time indexing, and various statistical methods to arrive at an accurate and reliable property valuation. This neural scoring system enables the technology to sense and immediately adapt to changing market conditions. Property databases are updated daily to incorporate the latest property sales and financing transactions, tax ownership, assessment rolls, and property characteristic data.
Consistently refreshed data delivers up-to-date sales, comparable listings, and the latest tax assessment information on residential and non-residential properties across the nation. Dual-core technology combines two independent valuation systems coupled with a continuous blind-testing process to deliver greater accuracy and fulfillment rate.
A desktop or technical appraisal review (also known as an appraisal compliance review) does not provide an alternative opinion of value, but instead checks for consistency of methodology and correct mathematical calculations within the analysis. The reviewer also verifies that the appraisal criteria of the lending institution is satisfied along with USPAP requirements and standards endorsed by the Appraisal Institute. Our five-page completed review will give a pass/fail result, with recommendations for revision provided which would result in a more supportable appraisal for the client.
The Interagency Appraisal and Evaluation Guidelines listed in the FDIC’s Statements of Policy – Document 5000 address requirements for a financial institution to determine if an appraisal or evaluation may be used for a subsequent transaction. The Agencies allow an institution to use an existing appraisal or evaluation to support a subsequent transaction in certain circumstances. Streamline Evaluation Services assists institutions in establishing criteria for assessing whether an existing appraisal or evaluation continues to reflect the market value of the property (that is, remains valid). This criteria varies depending upon the condition of the property and the marketplace, and the nature of the transaction. Documentation is provided for the credit file that provides facts and analysis to support the institution’s conclusion whether the existing appraisal or evaluation may or may not be used in the subsequent transaction. This information is researched and compiled by a real estate market research analyst and is not an appraisal. The list below addresses some of the criteria considered in each analysis:
- Passage Of Time
- Changes In Underlying Economic/Market Assumptions
- Changes In Terms And Availability Of Financing
- Volatility Of The Local Market
- Natural Disasters
- Changes In Zoning, Building Materials, Or Technology
- Lack Of Maintenance Of The Subject Or Competing Properties
- Improvements To The Subject Property
- Limited Or Over Supply Of Competing Properties
- Environmental Contamination
Our appraisal valuation reconciliation product includes a review of multiple prior valuations completed for the same property. First, reports are reviewed for methodology and compliance. Data from each report is then researched and verified for accuracy to the fullest extent from public records. Lastly, a summary of the strengths and weaknesses of the reports is completed and our opinion of the report which best reflects fair market value is given. This solution offers an unbiased and independent review solution.