The new Indicative Words tool for Appraisal Scorecard allows review teams to customize their own list of words that may infer there was racial bias or any other bias during the appraiser's analysis of the subject property that may have altered the perceived value. This watchlist can be used for catching key terms your organization, underwriters and/or investors require be present in the appraisal report. The goal is to help all borrowers receive a fair and impartial appraisal, and Appraisal Scorecard is one step closer to helping you achieve that goal. Please note that the Indicative Words list only partners with the enabled Appraisal Scorecard feature.
To create your Indicative Words list, access the lender level settings from your global Administrator account. Expand the Automated Review Settings section.
Under the Indicative Words heading enter at least one word or phrase. For the word or phrase to be established, hit Enter/Return key on your keyboard.
To enter multiple terms or phrases, separate each by a comma. Once you have your list in place, be sure to select the SAVE button. Selecting the RESET button will revert any changes back to your previous save.
When the Appraisal Scorecard is manually or automatically run, the Indicative Words list will scan through the XML version of the appraisal report to find any and all matching terms or phrases. The Appraisal Scorecard report will have an Indicative Words section, where reviewers can view any findings.
For additional information about the Appraisal Scorecard report, please refer to our Appraisal Scorecard article HERE.