Requests for Reconsiderations
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…appraisers continue to receive requests for reconsiderations on a daily basis.
The paper states that one factor that complicates requests for revisions is that there are no consistent industrywide policies, guidelines, or forms related to this process. Furthermore, over recent years there have been changes in statute and policy with respect to appraiser independence obligations, which has resulted in some confusion among users of appraisal services (and appraisers) as to exactly what may be asked and provided in such requests.
It is important to distinguish these requests from a request to make corrections or address errors or inadequate information in an appraisal report. As stated in the Uniform Standards of Professional Appraisal Practice (USPAP), “perfection is impossible to attain.” Therefore, every appraiser either has produced (or will produce) an appraisal report containing at least one typographical error, omission, etc. in their career. This paper does not address requests for corrections.
This paper is intended to provide information to assist appraisers, users of appraisal services, and others, with a greater awareness and understanding of issues surrounding the reconsideration process and offer some suggestions for those who wish to build a more relationship-driven and consistent method.
For as long as there have been appraisals, there have been clients and other users of appraisal services asking appraisers, on occasion, to reconsider a completed appraisal. As with virtually everything, some such requests are more valid and reasonable than others. Nevertheless, across the country, appraisers continue to receive requests for reconsiderations on a daily basis. It is not the intent of this paper to either champion or demonize such requests; rather, the intent is to recognize that such requests exist, and to examine ways that might ease common stress points inherent in the process…
Appraisers have shared stories about receiving requests for corrections or clarification from a loan processor or underwriter, only to find the information already contained in the appraisal report. Many appraisers have shared a common response to such inquiries: “Have you actually read my report?”…