METHOD AND APPARATUS FOR VALIDATING AN APPRAISAL REPORT AND PROVIDING AN APPRAISAL SCORE

• US 20080004893A1
• Filed: 06/29/2007
• Published: 01/03/2008
• Est. Priority Date: 06/30/2006
• Status: Active Grant

• Current Assignee: Corelogic Solutions LLC (CoreLogic Incorporated)
• Original Assignee: First American CoreLogic Incorporated (CoreLogic Incorporated)
• Inventors: Graboske, Benjamin C.
• Granted Patent: US 9,031,881 B2
• Time in Patent Office: Days
• US Class Current: 705/1
• CPC Class Codes: G06Q 30/0185 Product, service or business identity fraud
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A computer-based method for validating an appraisal report includes receiving appraisal data for a property, receiving property data for the property, verifying the appraisal data meets an appraisal guideline, providing a list of appraisal items that are present in the appraisal data, providing a medium discrepancy amount and a high discrepancy amount for the list of appraisal items, calculating a difference amount between the appraisal data and the property data for each appraisal item, and comparing the difference amount to the medium discrepancy amount and the high discrepancy amount.

Claims

1. A machine-readable medium for validating an appraisal report comprising instructions that upon execution cause a machine to:

receive appraisal data for a property;

receive property data for the property;

verify the appraisal data meets an appraisal guideline;

provide a list of appraisal items that are present in the appraisal data;

provide a medium discrepancy amount and a high discrepancy amount for the list of appraisal items;

calculate a difference amount between the appraisal data and the property data for each appraisal item; and

compare the difference amount to the medium discrepancy amount and the high discrepancy amount.

2. The machine-readable medium of claim 1 wherein the appraisal data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.

3. The machine-readable medium of claim 1 wherein the property data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.

4. The machine-readable medium of claim 1 further comprising instructions that upon execution cause a machine to set a high severity indicator if the difference amount is greater than the high discrepancy amount.

5. The machine-readable medium of claim 4 further comprising instructions that upon execution cause a machine to set a medium severity indicator if the difference amount is greater than the medium discrepancy amount.

6. The machine-readable medium of claim 5 further comprising instructions that upon execution cause a machine to provide a list of validation rules.

7. The machine-readable medium of claim 6 further comprising instructions that upon execution cause a machine to receive a set fail flag for at least one of the validation rules.

8. The machine-readable medium of claim 7 further comprising instructions that upon execution cause a machine to use the appraisal data to determine whether the validation rule with the set fail flag is satisfied.

9. The machine-readable medium of claim 8 further comprising instructions that upon execution cause a machine to use the high severity indicator to determine whether the validation rule with the set fail flag is satisfied.

10. The machine-readable medium of claim 8 further comprising instructions that upon execution cause a machine to use the medium severity indicator to determine whether the validation rule with the set fail flag is satisfied.

11. A computer-based method for validating an appraisal report comprising:

receiving appraisal data for a property;

receiving property data for the property;

verifying the appraisal data meets an appraisal guideline;

providing a list of appraisal items that are present in the appraisal data;

providing a medium discrepancy amount and a high discrepancy amount for the list of appraisal items;

calculating a difference amount between the appraisal data and the property data for each appraisal item; and

comparing the difference amount to the medium discrepancy amount and the high discrepancy amount.

12. The method of claim 11 wherein the appraisal data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.

13. The method of claim 11 wherein the property data is selected from a group consisting of an address, a sale price, a sale date, a location, a type of leasehold, a lot size, a home size, a view, a design and appeal, a quality of construction, an age or year built, a condition, a bedroom count, a bathroom count, a roof type, a functional utility, a heating/cooling type, energy efficient items, a number of garages, an amenities list of the property, and combinations thereof.

14. The method of claim 11 further comprising setting a high severity indicator if the difference amount is greater than the high discrepancy amount.

15. The method of claim 14 further comprising setting a medium severity indicator if the difference amount is greater than the medium discrepancy amount.

16. The method of claim 15 further comprising providing a list of validation rules.

17. The method of claim 16 further comprising receiving a set fail flag for at least one of the validation rules.

18. The method of claim 17 further comprising using the appraisal data to determine whether the validation rule with the set fail flag is satisfied.

19. The method of claim 18 further comprising using the high severity indicator to determine whether the validation rule with the set fail flag is satisfied.

20. The method of claim 18 further comprising using the medium severity indicator to determine whether the validation rule with the set fail flag is satisfied.

21. A computer-based method for validating property information comprising:

receiving appraiser property information for a subject property;

receiving public property information for the subject property;

providing a maximum discrepancy value; and

comparing the appraiser property information to the public property information to determine whether they are within the maximum discrepancy value.

22. A computer-based method for determining an appraisal score for a plurality of appraisers comprising:

calculating a plurality of discrepancy amounts between appraisal data and property data for each of a plurality of appraisal reports, each appraisal report identified by an appraiser code;

calculating a number of discrepancy amounts for each of the plurality of appraisal reports;

calculating an appraisal score for each of the plurality of appraisal reports based on the number of discrepancy amounts; and

calculating an appraiser score for each appraiser code, the appraiser score being based on a plurality of appraisal scores identified by the same appraiser code.

23. The method of claim 22 wherein the appraisal score is based on one or more of the following:

an aggregate appraisal score, an average appraisal score, a default number, a repurchase number, an average turn time, and combinations thereof.