Professional Appraisal Research & Review is a New Service to Review and Research Consumer Residential Appraisals During Their 3 Day Review Period
Goose Creek, SC, March 29, 2014 --(PR.com
)-- P.A.R.R. is comprised of professionals from the banking industry who specialize in Mortgage Appraisal Review. They recognized the need for consumers to have professionals in the industry to go to with their appraisal documents to get a completely objective review to ensure that they are accurate, complete and that the best data has been used.
The Federal Government has imposed a host of new laws on the Banking Industry. One of those laws requires the lenders to provide every Borrower on a Residential First Mortgage Transaction a copy of the Appraisal used in their decision making process. They are also required to give the Borrower 3 days to review that appraisal before the loan can go to closing.
Why you need P.A.R.R....
First and foremost, by making sure the consumers get their appraisal 3 days prior to closing, the Government makes the consumer responsible for making sure the appraisal and transaction is sound and free from defects. Most consumers don't understand or have the resources to research the data in the appraisal. Although Consumers pay for their Appraisal, they are not the Appraisers Client. The Lender or Bank is the Appraisers Client. Without Professional Guidance and Advice, neither the Bank nor the Appraiser has any reason or obligation to listen to or address any concerns a consumer may have with the quality of their Appraisal or Evaluation product.
The P.A.R.R. Report will pinpoint any flaws that are found in the report and provide you with a Professional Review including supporting data. This data, is believed to be far superior to any review the Lender or Bank may perform themselves. The P.A.R.R. Report will provide documentation of inaccuracy or miscalculation that are identified in the appraisal report. This information, if any is revealed, can be provided to the Lender or Bank as a basis upon which to approach the Appraiser for revisions, corrections or to have the appraiser revisit their opinion of the property value if the value appears to be incorrect. Professional Appraisal Research & Review levels the playing field and makes sure your Appraisal is up to P.A.R.R. Professional Appraisal Research & Review can work for Consumers, Investors, Realtors and Banks however the review of the consumers residential appraisal is their core business.