Absolutely! In fact, many Lenders and AMCs are utilizing the same rules found in ACI’s PAR® Logic, so why not check them before you deliver? The opportunity to make edits cuts down on resubmits, saving valuable time and keeping your clients happy.
We have recently updated the rule set to provide even more coverage along with clearer standardized rule messages. With over 3,000 rules that span 30 form types, it is much more comprehensive than a simple E&O check!
As you would expect, PAR Logic rules make sure that all the appropriate fields are complete and correct. What you may not realize is that our rules have analysis and compliance checks that align with USPAP, UCDP, UAD, and general appraisal practices.
For example, we know it can be hard to keep track of all the special formatting requirements of UAD. No worries. Just run the PAR Logic rules and the UAD formatting rules are prefixed with ‘UAD’. We even bring to your attention items similar to those highlighted by the GSEs at the portal like:
- Condition Rating – when it doesn’t align with the age of the property
- Sales Price – significantly different from Prior Sale
- Indicated Value – not bracketed by Adjusted Sales prices of comps
Plus, we know that it isn’t always easy to cross check data between pages of the form or between multiple forms in a report – so we added specific consistency rules to PAR Logic so that you can reconcile if necessary.
We even alert you to items that you might not notice, but often cause many reviewers and underwriters to request additional commentary. For example:
- GLA of comp is 25% larger than subject
- Gross/Net and Line adjustment over thresholds
- Proximity to Subject distance correlated to neighborhood location
PAR Logic is also equipped to highlight property and market risk items. While these are not errors, they are items that many AMC’s and Lenders look for and may require additional clarification or comment. It’s like having your own personal reviewer working for FREE.
To run ReviewMaster, click the magnifying glass on the button bar and select PAR Logic from the drop-down list. By clicking on a rule message, you can quickly locate the field in question. For more information, watch the Running ReviewMaster video.