The Appraisal Scorecard is one of the most complete, competitive auto-review tools available today. With its modern approach to connecting all parties on the review results – including the Lender Admin, the reviewer, Loan Officer, the underwriter, etc. – lenders can access and use it as a standalone product.
If you have any appraisal from a third party that was not ordered in the system, you can use the Appraisal Scorecard automated review tool to help with the review. When a lender’s division is setup for this, they can create a new Scorecard-only order, upload the existing appraisal, and the Scorecard will evaluate it and display review results in moments.
Now everyone can take advantage of this automated QC product that runs against MLS data, USPAP guidelines, Fannie/Freddie/FHA data, public records, and much more - using the Appraisal Scorecard.
The full Appraisal Scorecard guide can be found here.
Setting up the Standalone Appraisal Scorecard
The standalone Appraisal Scorecard is enabled much the same way that the standard Appraisal Scorecard is setup: at the division level of a lender. Both manager users and lender Administrators can enable the Scorecard. Follow these steps to do so.
1. Login to the system, click the Relationships menu option, locate the Division you want to enable, and expand it to find the division Settings at right.
2. In the division Settings at right, click Edit Settings.
3. On the division’s Edit Settings screen, click to expand the Billing/Services section, then scroll down until you find the Automated Appraisal Reviews section. In this section, first make sure that both the Automated Appraisal Reviews. Depending on the type of Appraisal Scorecard the client needs available to order, choose Appraisal Scorecard - Within Order and/or Appraisal Scorecard - Standalone. Within Order permits the Scorecard to be generated within a full appraisal, while Standalone creates an individual order where a full appraisal was not ordered.
When Appraisal Scorecard - Standalone is enabled, users under this division will see a new option when they login and click the New Order button: the option to place a new standalone Scorecard order.
Placing a Standalone Scorecard Order
When a division is enabled to place orders for automated appraisal reviews via the Scorecard, under that division can click the New Order button and see the Scorecard option. Clicking the Scorecard option (shown above) will take users to the familiar New Order screen where they can fill out order information, including Loan information, Property information, and upload the appraisal that is to be run through the Scorecard logic for review.
In the Order section, users will need to have access to the completed appraisal file. Scorecard requires either an XML-formatted version of the appraisal (preferred), or a 1st generation PDF formatted version of the appraisal.
Click the green + Appraisal button to select the file from your computer, or drag and drop it into the corresponding Drag Appraisal Here section.
Once uploaded, click the Order button. The Appraisal Scorecard will review the file in moments, and return an output (see sample below) which will highlight potential issues that were identified with the appraisal review.
