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Frequently asked questions

Find answers to common questions about the appraisal industry and our process at Class.

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Frequently asked questions

What is an appraisal?
An appraisal is an unbiased professional opinion of the value of a home/property and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.
An Appraisal Management Company, or AMC, is an independent entity through which mortgage lenders order appraisal services. AMCs fulfill an administrative function in the appraisal process, including selecting an independent appraiser and delivering the completed report to the lender. Individual appraisers who contract with the AMC (but do not necessarily work exclusively for that AMC) provide the actual property valuation services.

An ROV is a process that allows borrowers, lenders, or other stakeholders to request from an appraiser a general correction to the report, further explanation or substantiation, or a request to reconsider the value if they believe the initial valuation is incorrect or does not reflect the true market value of the property.

The new policies do not set specific timelines for each stage of the ROV process. Generally, once a request is submitted with all necessary documentation, a response should be provided within a specified number of business days outlined by the service level agreement.  Ideally, the response by the appraiser should occur within 24 to 48 hours, or in a timely manner based on the complexity of the assignment. 

AMCs use a variety of methods and algorithms to select the best appraiser for each assignment based on many variables. Some of these variables include: distance from the subject property, experience and geographical knowledge of the area, professional standing and qualifications, current capacity, on-time rate, etc.

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