""Pro Teck Valuation Services"":http://www.protk.com, a Massachusetts-based provider of residential real estate valuations, announced the availability of customized appraisal reviews via AppraisalCheck, its suite of desk and field review products for the repurchase market. AppaisalCheck identifies appraisal fraud, errors, and misrepresentations.
""At Pro Teck we have seen a growing need for retro forensic reviews to determine whether there is any[IMAGE] [COLUMN_BREAK]
culpability on behalf of the originator,"" the company said in a statement. ""All parties involved are looking for ways to mitigate risk through defendable information.""
Pro Teck can assist companies in ascertaining which properties in a portfolio hold valuation risk. The appraisal desk review's value reconciliation is configured to meet specific risk indicators and tolerances. It systematically reviews appraisals, grading them and pointing out deficiencies.
The 17-point review process documents abnormalities, and the property is reviewed to confirm it meets GSE eligibility standards.
All property DNA of the subject and comparables are validated against historic MLS data. MLS details of all neighborhood comparables (sales and listings) at the time of the origination appraisal are analyzed to determine if the original appraiser's comp selection was appropriate.
Once completed, the appraisal is given a grade of excellent, reasonable, inconclusive, or high risk.