Thursday, October 7, 2010

Quality Control Review System

Turn Times
As you all should be aware, the standard turn time on most reports is no more than 5 business days. In some instances, clients request shorter turn times, which we try to meet within reason along with your assitance. Please be sure to review the due date noted on your orders before accepting.
Also, turn times vary by report type. Please review the turn-time schedule below to make sure you meet these due dates on future reports:
ValuFinders Turn-Times by Product

1004/1073 5 business days
1004 FHA 5 business days
1025 Multi-Family 5 business days
2055/2075 Drive-By 48 hours
Field Review 48 hours
Enhanced Field Review 72 hours
Desk Review 24-48 hours
Enhanced Desk Review 48 hours
216 Op Inc/1007 Rent Sch 24 hours
1004D Final Insp/Update 48 hours
1004D Enhanced Update 72 hours

Enhanced Reviews
The ValuFinders Guidelines detail requirements for enhanced reviews. As a reminder, enhanced reviews require 3 additional comparables, gridded and adjusted accordingly. The comparables must be closed or closed/active listings combo, 30 days from the effective date of the appraisal under review. Combo: Closed 2 / Active listing 1. A summary of sales comparison approach is also required.

ONLY Active Members Can Complete Assignments
ValuFinders Guidelines specifically note that all appraisal assignments must be completed by an active member of the ValuFinders appraiserConnect network AND must be inspected and signed by that appraiser only. ValuFinders MUST approve all appraisers into the network. Therefore, inter-office reassignments are not allowed. If you have an office account, you can add users to your account that must first be approved by ValuFinders. Once approved, you can assign orders that are sent to your office to one of your users by selecting the Assign tab on the order and selecting the appraiser who will complete the order. The appraiser name on the order in the online system must match the appraiser name on the completed report. Reassignments of orders to non-active members will result in your inactivation in the appraiserConnect network.

Value Variance +/- 20%
If an appraised value differs by +/- 20% from the predominant neighborhood value, you must provide a detailed explanation. Include whether the subject is an over or under-improvement and note whether or not this effects marketability.
Directionals on Neighborhood Boundaries
Neighborhood boundaries should contain all directionals (North, South, East, West). This makes it more user-friendly. Furthermore, neighborhood boundaries must also be present on location maps.

"Other" Land Use
If you enter a percentage other than zero for "Other" under Present Land Use, you must provide an explanation. Often times, it is vacant land, which you can note in the field beside it. If the other land use requires a more detailed explanation, please do so in the Neighborhood Description Field.

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