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Policies and Procedures
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Expectations for Full Appraisal Assignments (e.g. Form 1004, 1025, 1073, etc.):
- Within 8 hours of assignment delivery
- Confirm acceptance of assignment online
- Within 24 hours of assignment delivery:
- Contact the borrower or primary contact
- Set an Inspection Date
- Update order status online
- Within 48 hours of inspection date:
- Within 24 hours of Quality issue notice:
- Make needed corrections and resubmit report
Expectations for Exterior-only Appraisal Assignments (e.g. Field Reviews, Drive-bys, etc.):
- Within 8 hours of assignment delivery
- Confirm acceptance of assignment online
- Within 72 hours of assignment delivery
- Within 24 hours of Quality issue:
- Make needed corrections and resubmit report
- Within 24 hours of Condition Letter from client, or Rebuttal Letter from original appraiser:
- Address conditions and/or respond to rebuttal letter and resubmit
Turn-around Time Requirements:
- 5 calendar days for Interior Products (e.g. Full Appraisals)
- 3 calendar days for Exterior Products (e.g. Field Reviews, Drive-bys)
- 1 calendar day for Desk Reviews
- 1 calendar day for Quality or Client issue corrections
Property Sciences will not accept appraisal reports completed solely by an Appraisal Assistant or Trainee.
All such appraisal reports must be countersigned by the Supervisory Appraiser and certify that the Supervisory Appraiser “DID INSPECT” the property and the comparables.
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