Appraisal Review
Valuation Analysis Report. Orisyn's VRAR report is available to lenders and investors in need of time objective analysis in time-critical situations. VRAR reports are prepared by our team of veteran analysts, all with extensive national experience. The VRAR report identifies characteristics of properties and data within an appraisal that indicate potential for increased risk, including omitted or misstated market conditions, innaccurate sales data, and misstated subject property data.
The sales history and characteristics of the subject property are verified and a list of transactions subject market are reviewed to confirm reliability of sales data in the original valuation. The list of additional transaction data is repoted in the VRAR in locations were property data is available.
A prime feature of the VRAR is the Quality Score. The QS provides the client with an "at a glance" indication of the overall quality of the valuation report. The scoring model is based on the number of deficiencies identified in the valuation report and the relative magnitude each has on the final value estimate. Quality scores fall between 0 and 1000, with 1000 representing the best documented valuation with the fewest possible risk indications.
Desk Appraisal Reviews are performed by our highly experienced staff for both pre-funding and post-funding loan files. Each appraisal is analyzed to evaluate the logic and reasoning behind the value estimate and to ensure the report complies with the Uniform Standards of Professional Appraisal Practice (USPAP). Our Comprehensive list of data sources, private and public, allows our staff to independently confirm transaction information and property characteristics across the country.
Enhanced Desk Reviews are completed in the same method as our desk review product. The data, confirmed in the process of completing the desk review, is then further supported by additional sales from multiple data sources.
Field Appraisal Reviews are processed in a comparable technique to that of desk reviews. In addition to an analysis of the logic and reasoning of the appraisal and its compliance with USPAP, an exterior inspection of the subject and comparable sales is performed. After completion of the review in the field, our quality control staff critiques each report for form, content, and accuracy before delivery to our customer.
The field review is reported on the Residential Appraisal Review Report (Form 2000) and includes the following attachments: Form 2000, analysis of comparable sales (if a revision of the original value estimate is determined appropriate by the reviewer), front and street scene photos of the subject, photos of each of the comparable sales, limiting conditions, and appropriate certification.
Risk Analysis
Orisyn Research, Inc. provides valuation risk analysis to clients in need of an efficient means of assessing the level of risk of a property valuation. This tool is used for the analysis of existing loan portfolios, bulk acquisitions, and for wholesale loan purchase. This report is developed to estimate the degree of risk associated with reliance on an estimate of value of the property at the address noted below. The purpose of this analysis is to identify the potential of an inaccurate estimate of value in the subject appraisal report. Risk analysis combines review and analysis of the appraisal document with research of data sources available in the zip code of the property location. Results are reported on individual transactions with statistical summaries and analyses on loan pools.
Asset Management
Orisyn Research provides expert appraisals for Real Estate owned and asset management purposes that fully comply with USPAP, customer-specific requirements and own our exacting policies and procedures. These appraisals typically have multiple objectives, including:
1) Determine estimates of market value based on present condition of the subject improvements, frequently under normal and restricted marketing times.
2) Develop and report a detailed list of repairs and respective costs necessary to bring the improvements into a condition that will optimize marketability and value.
3) Determine estimates of value based on the assumption of completion of the recommended repairs.
Orisyn Research standard REO appraisals a completed to the specifications of the client but typically include the following attachments:
Interior and exterior photos of the subject improvements; photos highlighting areas of special concern with the subject improvements; standard front, rear and street scene photos of the property; photos of all sales cited within the report; a floor plan sketch with exterior dimensions and gross living area calculations; an itemized list of recommended repairs and their respective costs; a map detailing the location of the subject and all sales utilized in the report; appropriate certification and limiting conditions.
Exterior-only inspection appraisals provide our clients with the ability to obtain a reasonable estimate of market value based on the observed exterior condition of the improvements. This type of valuation can be critical in assessing the current market value of a property in circumstances of adverse possession, such as pending foreclosure or bankruptcy. Exterior-only appraisals are typically reported on the Fannie Mae 2055 form and include the following attachments: front and rear street scene photos of the subject; comparable sales photos; maps detailing the location of the subject property and comparable sales; appropriate certification and limiting conditions.
Origination Appraisals
Orisyn Research, Inc. provides first mortgage loan originations that not only comply with the Uniform Standards of Professional Appraisal Practice and secondary market criteria, but also meet our own highly exacting standards and procedures. Every complete appraisal product contains comprehensive documentation, including: appraisal forms appropriate for the type of appraisal being reported; subject property photographs of front, rear, street scene and any amenities substantially affecting marketability and/or value; comparable sales photographs; floor plan sketch with exterior dimensions and gross living area calculations; detailed map indicating accurate locations of the subject and all properties analyzed within the report; appropriate certifications and limiting conditions.
Standard origination appraisal products include:
*Single Family Condominium
*Two-Four Family Residential Income Property
*Cooperative Interest
*Non-owner Occupied Residential
*Limited One-Four Family (2055)
*Satisfactory Completion Inspection Single Family Rent Schedule
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