StreetLinks National Appraisal Services has launched StreetLinks Comparable Opinion Report (SCORe), a new appraisal-review product that provides lenders with a second opinion of the validity, accuracy and appropriateness of the comparables utilized in an original appraisal.
SCORe is completed by an independent appraiser with experience and geo-competency in the subject's specific market, StreetLinks says, adding that the product complies with Uniform Standards of Professional Appraisal Practice standards.
‘We have seen thousands of appraisal reviews where [automated valuation models] or non-local desk review appraiser opinions were used to challenge an appraisal conducted by an experienced local appraiser,’ says Mike Floyd, the company's chief corporate appraiser. ‘These methods contradict sound appraisal review methodology and, in many states, are not compliant with regulations.
SCORe reports that contradict an original appraiser's comparable selection can serve as a Federal Housing Administration- or Home Valuation Code of Conduct-compliant basis for lenders to responsibly appeal the original appraisal or to order a replacement appraisal, StreetLinks says.