At Nationwide Appraisal Network – Our appraisal dispute process is simple. We track all requests within our portal for each file individually. All you have to do is log in to the portal, find your file, click on the appraisal dispute form and follow the instructions.
As you can see on the form, we have included instructions and examples of best practices for using the form properly. You have plenty of room to provide details and to supply additional sales and/or insufficiencies found in the appraisal. Feel free to attach information in the ‘file upload’ section as well.
Once you hit “submit”, the file will be passed along to one of our staff appraisers who will review the request, contact the appraiser, and work towards resolving the discrepancies and communicating with you along the way all in a timely manner.
If you go through the dispute process and you or your borrower are still unhappy with the appraisal, there are A few options. First, you could order an appraisal review-this is when another local appraiser reviews the report to verify data and provides their opinion on the comps selected and value. You could also order a full 2nd appraisal, which is completely separate from the 1st appraisal. This would give you a fresh report from another local appraiser to determine their opinion of value. Generally speaking, if appraisals are completed around the same time, the values should be within 10% of each other. Remember, appraisals are opinions, so the values will not match exactly.
An important thing to remember if you choose to order a 2nd appraisal is Appraiser Independence Requirements or AIR. AIR only permits a 2nd appraisal to be ordered once one of the following has been met:
- The 1st appraisal is flawed and reasons why are clearly documented in your file
- It’s part of your pre-established appraisal review or QC process
- It’s required due to loan product
- A 2nd appraisal is required by law
Make sure you have these bases covered if you choose to order a 2nd appraisal.
ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal management, providing a unique approach to appraisal management through customization, innovation, and quality. NAN website – 888.760.8899