Method and apparatus for validating an appraisal report and providing an appraisal score
A computer-based method for validating an appraisal report includes receiving appraisal data for a property, receiving property data for the property, verifying the appraisal data meets an appraisal guideline, providing a list of appraisal items that are present in the appraisal data, providing a medium discrepancy amount and a high discrepancy amount for the list of appraisal items, calculating a difference amount between the appraisal data and the property data for each appraisal item, and comparing the difference amount to the medium discrepancy amount and the high discrepancy amount.
1. A non-transitory machine-readable medium for validating appraisal input data entered into an appraisal report that includes a valuation appraisal comprising computer-readable instructions that when executed by a processor cause the processor to:
receive the appraisal input data for a property, said appraisal input data being provided through an interface by an appraiser and said appraisal input data comprising a selection of one or more comparables associated with said property;
receive through the interface property data for the property from a public records database;
identify a list of appraisal items that are present in the appraisal input data and that form a basis on which the valuation appraisal is performed;
setting a user-established discrepancy threshold;
calculate with the processor a difference amount between the appraisal input data and the property data for each appraisal item to validate the appraisal input data with the data for the property from the public records database;
determine whether the difference amount exceeds the user-established discrepancy threshold;
determine a distance between each of the one or more selected comparables and the property;
determine whether the distance between each of the one or more comparables and the property falls within a proper guideline for the one or more comparables to be considered a comparable property;
identify one or more other comparables from the public record database that are more comparable to the subject property than the one or more comparables based at least in part on a sale price, a sale date, a gross living area, a year built, a lot size, a number of bedrooms, or a number of bathrooms associated with the one or more other comparables; and
generate a discrepancy message that reports a discrepancy when the difference amount exceeds the user-established discrepancy threshold so as to alert of a potential fraudulent appraisal, and that includes the one or more other comparables.
2. The machine-readable medium of claim 1 wherein the appraisal input data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.
3. The machine-readable medium of claim 1 wherein the property data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.
4. The machine-readable medium of claim 1 further comprising instructions that upon execution cause a machine to set a high severity indicator if the difference amount is greater than the high discrepancy amount.
5. The machine-readable medium of claim 4 further comprising instructions that upon execution cause the machine to set a medium severity indicator if the difference amount is greater than the medium discrepancy amount.
6. The machine-readable medium of claim 5 further comprising instructions that upon execution cause the machine to provide a list of validation rules.
7. The machine-readable medium of claim 6 further comprising instructions that upon execution cause the machine to receive a set fail flag for at least one of the validation rules.
8. The machine-readable medium of claim 7 further comprising instructions that upon execution cause the machine to use the appraisal input data to determine whether the validation rule with the set fail flag is satisfied.
9. The machine-readable medium of claim 8 further comprising instructions that upon execution cause the machine to use the high severity indicator to determine whether the validation rule with the set fail flag is satisfied.
10. The machine-readable medium of claim 8 further comprising instructions that upon execution cause the machine to use the medium severity indicator to determine whether the validation rule with the set fail flag is satisfied.
11. The machine-readable medium of claim 1 further comprising instructions that upon execution cause the machine to provide the one or more comparables and the property on a graphical map.
12. The machine-readable medium of claim 1 further comprising instructions that upon execution cause the machine to provide the one or more comparables, the one or more other comparables, and the discrepancy message as a graphical output.
13. The machine-readable medium of claim 1 further comprising instructions that upon execution cause the machine to calculate an appraisal score for the appraiser based at least in part on the calculated difference amount between the appraisal input data and the property data for each appraisal item.
14. The machine-readable medium of claim 13 , wherein a lower appraisal score is representative of a higher calculated difference amount between the appraisal input data and the property data for each appraisal item.
15. A non-transitory machine-readable medium for validating appraisal input data entered into an appraisal report that includes a valuation appraisal comprising computer-readable instructions that when executed by a processor cause the processor to:
receive the appraisal input data for a property, said appraisal input data being provided through an interface by an appraiser and said appraisal input data comprising a selection of one or more comparables associated with said property;
receive through the interface property data for the property from a public records database;
identify a list of appraisal items that are present in the appraisal input data and that form a basis on which the valuation appraisal is performed;
setting a user-established discrepancy threshold;
calculate with the processor a difference amount between the appraisal input data and the property data for each appraisal item to validate the appraisal input data with the data for the property from the public records database;
determine whether the difference amount exceeds the user-established discrepancy threshold;
determine a distance between each of the one or more comparables and the property;
determine whether the distance between each of the one or more comparables and the property falls within a proper guideline for the one or more comparables to be considered a comparable property;
identify one or more other comparables from the public record database that are more comparable to the subject property than the one or more comparables; and
generate a notification that the valuation appraisal has failed when the difference amount exceeds the user-established discrepancy threshold so as to alert of a potential fraudulent appraisal.