At 7 Virtual Assistant Services, we have years of proven experience in providing administrative support to lenders throughout the entire mortgage loan approval process. We pride ourselves on our mortgage appraisal review procedures, in which we ensure that the loan amount of a property does not exceed the fair market value estimate. Our services comply withall USAP standards, and we confirm all appraisal reports based on our detailed review practices.
All of the data obtained from our appraisal reviews is always confirmed to be credible and factual, with appropriate supporting documentation, before it is sent to the underwriter.
Our mortgage appraisal support services include:
After the appraiser submits the report, we ensure and validate the accuracy of all information, terms, and conditions within the document. We use this information to produce timely and condensed reports for the lender, drawing attention to any inadequacies or limitations found during review. If we find inconsistencies that cannot be accounted for, we may recommend a second appraisal.
Property Information Review
As a part of our appraisal review services, we pay special attention to all property information including location, neighborhood market values, property price changes, external market fluctuation causes, and physical home specs. We do the work to classify these details for you in an effort to provide simple recall of information.
Appraiser Panel Review
Appraiser compliance is of the utmost importance to us, and we are always aware of the proficiency and capability of each individual appraiser. We stay up to date on the appraiser’s best practices and ensure that each one adheres to all regulatory guidelines during each and every property appraisal.
Comparative Market Analysis
During the comparative market analysis process, we study data such as listing price, ultimate selling price, property values of similar area homes, and number of days on market before sale. We also pull reports containing objective analysis of the area housing market, plus market value opinion data. All of this information is important in gaining a higher level understanding of property value for the purposes of financing and insurance.In addition to objective market information, we also document interior and exterior conveniences such as fireplaces, heating systems, parking and more.