Pro Teck Valuation Services, a national provider of real estate appraisals, analytics and appraisal reviews, announced a new hybrid appraisal product for home equity and second mortgage lending called the Appraisal Desktop with Inspection (ADI).
The ADI focuses on helping appraisers remain compliant by meeting all interagency evaluation and appraisal guidelines.
Essentially, the ADI aims to fill the gap between an Automated Valuation Model (AVM) with Property Condition Report (PCR) and a field appraisal. The ADI is a desktop appraisal that appraisers can use to remain compliant with the latest industry regulations since the ADI is completed by an in-state licensed staff appraiser in accordance with USPAP standards.
The appraisal process implemented with the ADI starts by having a local real estate broker from Pro Teck’s national panel take photos and complete a full inspection of the subject property and its neighborhood influences. The inspection is then routed to an appraiser who uses MLS and other market data, along with data from Pro Teck’s local market condition analytics, to determine the most accurate valuation. Because of its ease of use, the ADI can be more economical than field appraisal alternatives, such as a Form 2055.
Two of Pro Teck’s core assets are the experience of its staff appraiser team located throughout the country and its national network of real estate brokers. The ADI leverages both of these assets by utilizing the local real estate broker for an inspection and the staff appraiser for the analysis and reconciliation of market data.
“For those searching for a valuation product that meets stringent risk and regulatory demands, Pro Teck’s ADI is a safe, accurate, timely and affordable field appraisal alternative,” said Tom O’Grady, chief executive officer of Pro Teck Valuation Services. “The ADI provides a quality valuation in an easy-to-read format with a turn-time of less than five business days.”