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| Quality Control Overview |
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Property Sciences conducts both a rules-based automated QC and full manual line-by-line QC on each and every order prior to delivery to the client.
Every appraisal and valuation is reviewed for accuracy and value justification prior to delivery to client.
The quality control staff consists primarily of certified appraisers and former underwriters who have all completed additional mandatory training in appraiser independence, USPAP, Fannie Mae and Freddie Mac guidelines, FHA guidelines, and generally accepted appraisal principles.
Each appraisal is critically reviewed for adherence to the aforementioned standards, as applicable to any given assignment, in addition to a line-by-line review for completeness, consistency, logic, and technical construct.
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The scope of work for the review process includes:
- Automated rules engine that checks for fraud, collateral risk mitigation, and regulatory and GSE compliance
- Basic data verification (i.e.; address, APN, public records/MLS data verification)
- Additional research (AVM, Public Records & MLS comp searches)
- Inspection for market and industry compliance (USPAP, FHA, Fannie/Freddie, etc.)
- Inspection for compliance with lender-specific guidelines and commonly conditioned items
- Inspection for compliance with basic appraisal standards (e.g.; comparables selection, market data consistency, bracketing, sound methodology, reasonable adjustments, etc.)
- Appraiser guidance and support for the proper development of the report through the revision process, advisement on difficult valuation issues, etc.).
Seasoned appraisers with proven track records will benefit from increased business and are entrusted to take on more assignments.
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