Each of our bank-type clients require that appraisal reports prepared for their respective institutions comply with lender-specific appraisal guidelines and requirements (that supplement USPAP and Federal banking regulations “FIRREA”).
Thus, it is necessary for NWC appraisers to regularly “build” customized (appraisal) report formats to meet the requirements of a particular client’s guidelines.
For example, some financial institutions request that proposed improvements be valued reflecting a hypothetical “as-if completed” scenario as of the date of property inspection; while others prefer a prospective or “future date” market value opinion reflecting a “upon completion” of the proposed improvements scenario. In other instances a client might request an overall summarized level of reporting, but request that particular portions of the appraisal be presented in more comprehensive detail.
Additionally, over the past several versions of the Uniform Standards of Professional Appraisal Practice (USPAP), the concept or principle of “Scope of Work” has evolved the appraisal development process from a fairly rigid “top-down” approach to a much more flexible methodology in which the appraiser tailors the amount of research and analysis to the assignment.
In response to this need for increased reporting-option flexibility, New West Consulting has developed, through the use of custom “add-ins” for MS Word and Excel, the ability to create contextually-appropriate “palettes” or ribbons of appraisal “building blocks” for each of the various sections or topics of a report. This customized tool-set allows our appraisers to more effectively prepare appraisal reports specifically tailored to meet each of our client’s individual appraisal requirements. Thus, specialized client-requested reporting options can be easily accommodated without undue delay or cost.
New West Consulting recognizes that our long-term success as a firm depends on our ability to provide clients with custom appraisal solutions for each of their assignments at competitive fees.
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