The State of Purchase Appraisals – Q&A with Frank Guarnera

The State of Purchase Appraisals – Q&A with Frank Guarnera

We sat down with Frank Guarnera, executive director of valuations for Accurate Group, to discuss the challenges lenders face with real estate purchase appraisals and tips for improving quality and turnaround times. Here’s what he had to say:

What do you see as the biggest challenge facing lenders when it comes to purchase appraisals?

The biggest challenge facing lenders as it relates to purchase appraisals is turnaround time. Most real estate purchase agreements require loan closing to occur in 30-45 days. If the property appraisal is not ordered immediately, meeting the closing date can be a challenge in certain geographic footprints across the U.S.

How is the appraiser shortage in certain states affecting turn-time on purchase appraisals and what is Accurate Group doing to help lenders manage expectations?

While appraiser shortage is not an issue nationwide, it still remains a factor in certain regions. Accurate Group developed a Forecasted Appraisal Turn Time Indicator (fatti™) framework that produces reports on expected appraisal turn times. The reports are tailored to each lender’s geographic footprint, enabling them to better manage expectations for all parties and creating another level of transparency in the appraisal process. Providing accurate turn times by geography at the time of order placement helps lenders who work with Accurate Group set proper expectations with realtors and borrowers, translating into a much better borrower experience.

Where does this market-level detail come from?

We survey our panel of over 10,000 appraisers every month to obtain real-time appraisal turn times by geographic locations. This not only helps lenders set proper expectations but provides our appraiser panel with a much improved working environment. Setting proper expectations from the start provides our panel appraisers the time they need to develop high-quality appraisals.

In what ways is technology streamlining the process to help lenders receive appraisals earlier in the cycle and close loans faster?

Our appraisal management platform, Archer®, connects the appraiser and the property contact as soon as the appraisal assignment has been accepted by an appraiser. Our proprietary assignment algorithm and automated workflow technology cuts days off appraisal turn times, accelerating the property inspection and creating significant efficiency gains for our panel appraisers.

In addition to transparency and technology, what else should lenders look for when choosing an AMC for purchase appraisals?

An appraisal delivery date guarantee. Accurate Group has leveraged its technology and data to launch a Guaranteed Purchase Appraisal Program. This program provides an appraisal delivery date at order placement and is backed by a guarantee that if we do not deliver, we will refund our management fee.

The Guaranteed Purchase Appraisal Program and detailed fatti reports are available today. Contact us at or 888-258-5757 to learn how you can leverage them in your mortgage loan process.


Appraisal Tip of the Month (“TIP”) is a publication of Accurate Group, LLC and is intended to provide current insights to recipients. Tip should not be construed as legal advice or a legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only. You should not act or refrain from acting based upon any information in this TIP without seeking the appropriate legal or other professional advice on the particular facts of your situation. Accurate Group, LLC makes no warranty of any kind with respect to the subject matter included herein or the completeness or accuracy of this publication.


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