GAAR Compliance on Your AppraisalPort Account

on August 1 | in New Feature, Training, Video | by | with Comments Off on GAAR Compliance on Your AppraisalPort Account

FNC’s GAAR®  Compliance is now available on your AppraisalPort account. Quickly check your draft reports using the same GAAR (Generally Accepted Appraisal Rules) Compliance rules used by your clients as part of their QC process. AppraisalPort will now allow access to the GAAR compliance series ̶ USPAP, regulatory, Fannie Mae, Freddie Mac, and UAD requirements. Now you have the ability to upload your appraisal prior to delivery to your client ensuring compliance problems are properly addressed before submission. You can use this tool as often as necessary even on appraisals assignments you might receive outside of AppraisalPort.

(GAAR®) is FNC’s proprietary set of automated appraisal review rules that function to identify potential compliance issues in appraisal reports. These review rules represent appraisal guidelines established by the mortgage industry, including the GSEs (Fannie Mae and Freddie Mac), government agencies, appraisal regulations, and the Uniform Standards of Professional Appraisal Practice (USPAP).

GAAR® is a tool to assist in the review of appraisal reports, based on the information input on the appraisal forms. Topics or issues related to established industry guidelines for appraisal compliance will prompt the review rules to “fire” during the automated review. These firings, with the accompanying messages, should be considered “alerts” only, directing the user’s attention to potential issues and to information that may require appropriate explanations. After reviewing the alerts, the user will determine whether any corrections are needed or if additional explanations or support for the conclusions should be provided.  GAAR messages, which are generated when a rule fires, are not directives on how to develop or report an appraisal, nor does this tool determine, dispute, agree with, or confirm the estimated value reported in the appraisal report.

 

Watch the training video below to learn more about how to use FNC’s GAAR®  Compliance.

 

 

Have additional questions? Give us a call at 1-888-963-3330 or email at support@fncinc.com.

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