Q. When can an evaluation be used in lieu of an appraisal?
A. The FDIC's Interagency Appraisal and Evaluation Guidelines apply to all real-estate-related financial transactions regardless of size or whether loans are for a regulated institution's own portfolio, held for sale, or held in asset-backed conduits. However, the agencies' appraisal regulations allow regulated institutions to use an appropriate evaluation of the real estate in lieu of an appraisal for transactions with a loan amount of $500,000 or less, business loans $1 million or less, or subsequent transactions (transactions involving an existing extension of credit at the lending institution with no loan limit as long as the property is one that can be processed via an evaluation, i.e. not complex). The regulations define transaction value as the amount of the loan or extension of credit, not the value of the property. The interagency guidelines contain minimum standards for evaluation content and address the qualifications of individuals performing evaluations.
Learn more by visiting the FDIC.
Q. What types of properties can be done on an evaluation?
A. If you have a question about a specific property, we suggest reaching out to our customer care department at 877-998-2620.
Otherwise, here is some general information about the types of properties we can do.
Q. How long does it take to complete a report?
A. We complete most of our reports in 5 business days or less.
Q. What is the reconsideration process?
A. If you have any questions or concerns regarding a report that has been completed in the past 30 days, you can submit a reconsideration request to our customer care department at 877-998-2620.
Q. Can I cancel a report? Is there a fee?
A. Yes, a report can be cancelled as long as the analysis has not been completed. Cancellation fees vary depending on what stage of the process the report is in.
Q. How do I know when the report is completed?
A. Once a report is completed, the requestor will received an email notification with a link to view the report.
Q. Is there a way for me to add additional documents or attachments that are relevant to my request?
A. Yes, relevant documents such as purchase agreements, prior appraisals, etc. can be uploaded to the request.
Q. Can I upgrade a report?
A. Yes, the MVR product can be upgraded to our CER product if additional adjustments, site inspection, etc. are needed.
Q. Can I get interior photos on my report?
A. Yes, interior photos are an add-on option.
Q. Is there a way to preview my property before placing an order?
A. Yes, our platform allows you to locate and identify your property before placing an order.
Q. What do the reports look like?
A. Please contact us if you would like more information on product options and sample reports.
Q. How much does a report cost?
A. Pricing varies by product and is visible within our ordering system. Please contact us if you would like more information on product options and pricing.
Q. What do I do if there's a problem with a report?
A. Please contact our customer care department at 877-998-2620.
