Peer Discrepancy Messages

This job aid will show how to research one sample message for a specific property characteristic. The same actions and Collateral Underwriter® (CU®) features shown in this example can also be used to research other property characteristics.

In this example of a peer discrepancy, as seen on the Overview page, message 424 was issued for comp 1.

Message 424 states that, "The condition rating is materially different than what has been reported by other appraisers." This is a peer discrepancy.

Follow these steps to research this message:

1. From the Appraisal Overview page, select the Comparables tab to view the comparable sale table. This table includes property characteristics.
2. Scroll down to the Comparables table which is provided below the map.
3. To review, find comp 1 in the "Prop" column and then the number in the "Cond" (condition) column for that row.
   
   

 

4. Click on the condition value of 2 for comp 1 to open the Characteristic History window. Use this window to review the relevant observations for this comparable sale.

Note: The Characteristic History window is available for all data discrepancy messages to facilitate a quick review of prior appraiser observations.

 

5. Notice that the appraiser indicated in this appraisal report the property has a C2 condition. However, there are 5 other observations where appraisers have noted that this property has C1 condition.

Things to Consider

In conclusion, here are a few things to consider based on this information from the CU web-based application.

Other appraiser observations can be researched to see what they suggest, along with public record, aerial or street view photos, MLS data, or comments provided in the appraisal report by the appraiser. Do any of these sources provide information that sheds light on the identified issue?

The impact to the appraised value should also be considered in terms of both the magnitude and direction of the discrepancy. Think about how the overall credibility of the appraisal is impacted.

To resolve an issue, can the discrepancy be explained or dismissed based on information from the CU web application or other sources? If so, you may be able to provide an explanation in the loan file and dismiss the finding. Otherwise, you may want to contact the appraiser for additional documentation or a correction in the appraisal report.