APPRAISAL EVALUATION AND SCORING SYSTEM AND METHOD
A system and related methods for the management and evaluation of real estate appraisals comprising, a method of determining a standardized score representative of the accuracy and quality of a real estate appraisal. Data from the appraisal is extracted and evaluated according to a plurality of compliance and risk based rules applicable to the type of appraisal. Each rule is given a particular weight, and an appraisal score may be calculating by summing each instance of a rule triggered multiplied by the weight assigned to that rule. Weights may be set by experts, or determined by statistical analysis.
1 . A method for evaluating a real estate appraisal, comprising the steps of:
extracting, using a computer processor or microprocessor, data from the appraisal;
in a computer processor or microprocessor, evaluating the extracted data against a plurality of rules applicable to the type of appraisal, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule;
in a computer processor or microprocessor, multiplying the weight of each rule by a variable r if the rule is triggered or fired; and
automatically calculating the sum of the multiplied weights of all rules that have been triggered or fired to determine an appraisal score.
2 . The method of claim 1 , wherein the rules address whether the appraisal complies with an applicable standard.
3 . The method of claim 1 , wherein the rules address the presence of certain risk factors in the appraisal.
4 . The method of claim 1 , wherein one or more weights are set by one or more experts in the field of real estate appraisals.
5 . The method of claim 1 , wherein one or more weights may be adjusted over time.
6 . The method of claim 1 , wherein one or more weights are set or adjusted based on statistical analysis of a plurality of appraisals being subjected to the method.