Ready, set, go! The file management process begins as soon as each order is received. Dart assigns orders to the best matched appraiser based on file score - we do not broadcast orders. Each appraiser in our system is given a file score for each potential assignment. Scores are continuously updated based on the appraiser's ten most recent orders, and are comprised of quality, due date compliance, order acceptance, and proximity. The appraiser with the highest file score and no disqualifiers should be selected for the assignment. Our system sends that appraiser an assignment request immediately, and the appraiser has up to 6 business hours to accept or decline the assignment. (Our team contacts the appraiser if they have not responded within that time period.) If the appraiser declines, our team sends the assignment to the appraiser with the next highest file score. In cases where orders need to be manually assigned, our system provides file score information to our staff to utilize when assigning orders.
Once the order is accepted, the appraiser is provided with the property information along with entry contact information and any relevant documents (ex: purchase agreement). Dart includes a formal engagement letter with each order, detailing requirements for the product as well as any client-specific requirements. The appraiser is to reach out to the entry contact within 24 hours to schedule the inspection. Borrowers should be encouraged to take the first available appointment time the appraiser offers when possible. Appraisers are incredibly busy, especially this time of year, and avoiding any delays with scheduling the inspection will be beneficial to all parties.
The Inspection. Once the inspection date is set, the appraiser will create a preliminary list of comparables to use. (After the appraiser has viewed the property, the comps he planned on using might go right out the window.) A typical inspection can take anywhere from 10-30 minutes. Complex properties usually warrant a longer physical inspection time. The technology available to appraisers has greatly reduced the time spent physically inspecting properties. (Laser measuring devices, sketch applications and high-quality digital photography are just a few examples.) Besides not having to physically measure each room with a tape measure, appraisers also don't need to take as many notes since they can reference multiple photos of the home while back at their office. Some apps available also enter property data right into the report via tablet or laptop computer.
At Dart, our service level agreement with appraisers is that reports must be complete within 3 days of inspection. Once the completed report is received, our Quality Control team reviews the report before delivering to you, the client.
Tips for Borrowers. We asked some of our appraisers what, from the borrower's side, makes their job as easy as possible. A few of their responses were:
If the appraisal comes in low, and a formal Reconsideration of Value is submitted, it is best to avoid emotional appeals in your request. We understand that a mortgage transaction is incredibly personal to the borrower and seller, however the appraisal is based purely on data. Consider sending up to three, well-researched sales for the appraiser to consider in your request. Sales should be more similar than the comps used in the appraisal (not just the three most expensive nearby sales), and be located in the subject market. Remember, the appraiser is charged with creating an opinion of value. The value is what the home is worth, not the price that someone is willing to pay for it.
TMC - Chief Operating Officer