What is an appraisal review?
Per USPAP, “appraisal review” is defined as “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.
Why are appraisal reviews performed?
Appraisal reviews are performed to examine and verify the methods, logic, and accuracy behind an appraisal. The goal is to ensure that the report is thorough, well-supported, and reflects a credible value opinion. By conducting reviews, we help reinforce client confidence in the integrity of the appraisal conclusions.
Who needs an appraisal review?
Appraisal reviews are essential for anyone relying on an appraisal for decision-making—whether it's for loan approvals, asset management, or regulatory compliance. A thorough review ensures accuracy, credibility, and compliance with industry standards.
Do your appraisal reviews comply with industry regulations?
Yes. All of our appraisal reviews are completed by state-certified general appraisers in accordance with Standard Rules 3 & 4 of the Uniform Standards of Professional Appraisal Practice (USPAP).
Are there any property types you don’t review?
We review most property types. However, in unique cases where a property is highly specialized or particularly complex, it may fall outside of our expertise. In these instances, we will notify you immediately and coordinate with the appropriate expert to ensure the review is handled properly.
Do your appraisal reviews include an opinion of value?
No. Our reviews focus on determining whether the appraiser’s analyses are appropriate, whether the opinions and conclusions are credible, and whether the appraisal report itself is accurate and not misleading. We also ensure that the appraisal adheres to industry regulations, including USPAP, FIRREA, and the Interagency Appraisal and Evaluation Guidelines.
Do your appraisal reviews include an inspection of the subject property or comparables?
No. Currently, we only provide desktop reviews, which do not include a physical inspection of the subject property or the comparables.
What is the typical turnaround time for a review?
The typical turnaround time for an appraisal review is between 2 to 5 business days, depending on the complexity of the property and the volume of appraisals in our queue. We strive to deliver thorough, high-quality reviews as quickly and efficiently as possible to meet your needs.
Can you accommodate rush reviews?
Yes. If you have an urgent request, let us know, and we will work with you to prioritize the review and meet your deadline. Additional fees may apply depending on the urgency and complexity of the request.
Is there a monthly cost to your review service?
No. We charge on a per-review basis, ensuring that you only pay for the specific reviews you need. This allows for flexibility and cost-efficiency based on your review requirements.
Do you review appraisal evaluations?
Generally speaking, no. Since appraisal evaluations typically do not meet USPAP standards, they cannot be reviewed in the same way as a traditional appraisal while complying with Standards 3 and 4 of USPAP. However, if the evaluation meets the minimum requirements of an appraisal as outlined in Standards 1 and 2 of USPAP, then it may be eligible for review.
Do you provide appraisal management services?
No. At this time, our focus is solely on providing independent appraisal review services. However, we may consider offering appraisal management services in the future.
Why should we partner with ValuPath?
Partnering with ValuPath offers several advantages, even if you already have an in-house team performing appraisal reviews. First, we provide an independent, third-party review, ensuring an objective and unbiased assessment of each appraisal. Our team of state-certified appraisers brings specialized expertise and experience, particularly with complex or high-risk transactions. Additionally, outsourcing to ValuPath can help free up your in-house team to focus on other critical tasks, improve operational efficiency, and reduce potential risks associated with compliance. We can also scale quickly to meet fluctuating review demands, ensuring you receive timely and thorough reviews regardless of volume.