Field and Desk Review Services
LERETA Mortgage Services offers field reviews and desk reviews nationwide. Field reviews are completed on the FNMA 2000
form and desk reviews are completed on the NARA/MU 2006 form.
Desk Reviews are completed on the 2006 form by a licensed or certified appraiser. Each appraiser is provided a
copy of the original appraisal report. They are responsible for reviewing the information provided based on research that can
be gathered from their office. In the majority of cases the appraiser is able to verify the accuracy of the data through
public records and industry data sources. The review appraiser is responsible for determining the accuracy of the
adjustments based on their knowledge of local customs and practices. The review appraiser must also determine whether
the original report is acceptable in its present format. Should the review appraiser disagree with the original report
they will provide the necessary support to justify their conclusions. This may be in the form of an addendum or
additional sales from the local area. Photographs are not included with this type of review. All desk reviews
completed by Insight are considered technical reviews under USPAP. Since the review is completed within the
appraisers' office, the typical delivery is within 24 hours of receipt of the order. The original copy of the review
can be emailed directly to your computer or mailed to your office.
Field Reviews are completed on the FNMA 2000 form by a licensed or certified appraiser. The appraiser receives
a copy of the original appraisal with all of its attachments. The appraiser then inspects the front and street of the
subject property and the exterior of each comparable originally utilized. Photos are provided on each of these sales
as well as the subject. The appraiser then reviews the data provided in the report as of the date of the original
inspection. Since each appraiser who completes these reviews has access to historic data, we must evaluate the property
as if we were appraising it for the first time. We are looking for inconsistencies, (i.e.: can you verify that the
comparables utilized existed at the time of the appraisal, were the sales prices accurate, what were homes selling for
in that neighborhood at the time, are the square footage of the subject and comparables consistent with what the public
records reported). The review appraiser must also make objective determinations, su ch as, were the adjustments
that were utilized accurate and representative of the market, did the original appraiser understand the neighborhood
parameters, and were better comparables available? The review appraiser then will either agree with the original
value or disagree. If the review appraiser disagrees they will provide their opinion of the value of the property
at the time of the original inspection and will provide data to support that conclusion which can be in the form of
different comparable sales or different adjustments to the same comparables utilized by the original appraiser.
The field review is much more detailed and provides the most accurate valuation of the property. Due to the amount
of time involved in completing the research and inspecting the properties, this report is typically delivered within
72 hours from the date the order is received. The completed report can be emailed directly to your computer or sent
priority mail to your office.
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