Determination of Appraisal Accuracy
A method for determining the accuracy of an appraisal report using a computer implemented application, including pre-validating an appraisal report to determine whether a first set of rules has been satisfied, the appraisal report including N fields to be completed, the first set of rules comprising completion of a pre-determined number of N fields; proceeding to a post-validating step if the first set of rules is satisfied; post-validating an appraisal report to provide an evaluation thereof, the evaluation including a plurality of risk categories including risk level indicators, and a risk-based overall score.
1 . A method for determining the accuracy of an appraisal report using a computer-implemented application, comprising:
pre-validating an appraisal report to determine whether a first set of rules has been satisfied, the appraisal report including N fields to be completed, the first set of rules comprising completion of a pre-determined number of N fields;
proceeding to a post-validating step if the first set of rules is satisfied;
post-validating an appraisal report to determine whether a second set of rules has been satisfied, to provide an evaluation thereof, the evaluation including a plurality of risk categories including risk level indicators, and a risk-based overall score.
2 . The method according to claim 1 , wherein the pre-determined number of fields equals N or N−1.
3 . The method according to claim 1 , wherein the first set of rules further comprises comparing the date of the appraisal with the date on which the appraisal report is received.
4 . The method according to claim 1 , wherein the first set of rules further comprises ensuring that fields assigned for numerical entry only do not contain one or more alphabetic entries.
5 . The method according to claim 1 , wherein the first set of rules further comprises ensuring that each of the N fields is formatted according to pre-assigned formatting rules.
6 . The method according to claim 1 , wherein the appraisal report is sent back to an originating source if the first set of rules are not satisfied.
7 . The method according to claim 1 , wherein the post-validating includes accessing governmental data sources and comparing the data from the data sources with the fields pertaining to respective risk categories.
8 . The method according to claim 1 , wherein a second set of rules is automatically updated when updates are released by governmental data sources.
9 . The method according to claim 1 , wherein the risk categories are customizable such that unique thresholds may be established.
10 . The method according to claim 1 , wherein the post-validating includes analyzing property market characteristics of a property on which the appraisal report is based to determine a complexity value for the property.
11 . The method according to claim 1 , wherein the post-validating includes comparing a numerical appraisal value of the appraisal report with a computer generated appraisal value.
12 . The method according to claim 1 , wherein the evaluation results in a list of inconsistencies needing further review.
13 . The method according to claim 1 , wherein an appraiser's credentials are checked against an appropriate state licensing database to confirm the status and qualifications of the appraiser.
14 . The method of claim 1 , further comprising an algorithm, which weighs complexity of a property and test results to assign a score and risk factor to the appraisal report.
15 . The method of claim 1 , wherein the appraisal report contains a risk assessment level, a score regarding an analysis of the appraisal data, and a list of inconsistencies.
16 . The method of claim 15 , wherein the appraisal report is delivered in an electronic format.