Reporting
What’s the difference between an Evaluation (“Eval”) and RestrictedAppraisal (“RA”)? When will I know to order one over the other?
An Evaluation (“Eval”) or ModumEval is an “As Is” estimate of real property value intended to comply with the December 10, 2010 Interagency Appraisal and Evaluation Guidelines (“IAEG”). It is solely limited for the internal use of Federally insured financial institutions. An Eval is NOT an ‘appraisal’ and is not typically prepared and signed by a State-licensed valuation professional, though it may be quality-control reviewed by a State-licensed and/or professionally designated appraiser or a local market real estate broker. Laws vary considerably State-to-State.
A Restricted Appraisal (“RA”) Report or ModumRA is an appraisal report concluding a real property Market Value (Title XI of FIRREA) in conformance with the current Uniform Standards of Professional Appraisal Practice (“USPAP” Standard Rule 2-2(b) for a Restricted Appraisal Report) as per the Appraisal Foundation. An RA is prepared and signed by a State-licensed valuation professional, many of whom are also designated as MAI, ASA, FRICS, and other respected industry designations, and can be ordered by any client type. The RA presents brief and succinct summations of the data, reasoning, or analyses used to estimate the market value.
Will ModumRA (“RA”) reports be signed and Certified?
The RA report is reviewed, signed, and Certified by a State-licensed valuation professional within the state the property is located, many of whom achieved the prestigious MAI, ASA, and/or FRICS designations.
Are ModumEval (“Eval”) reports signed and Certified?
Our Eval reports are reviewed and signed by a local market valuation professional or commercial real estate agent/broker who is knowledgeable about the real estate market and property type in which the property is located. The Interagency Appraisal and Evaluation Guidelines (“IAEG”) do not require a signed Certification, and the Eval does not conform to USPAP. However, several U.S. States still do not allow State-licensed appraisers to prepare non-USPAP-conforming products; therefore, only RAs can be performed in those States.
Will ModumIQ (“IQ”) reports be signed and Certified?
A ModumIQ Market Analysis Report is an ideal solution for property and portfolio owners to gain rapid, affordable, and independent pricing and local market analysis for internal decision purposes other than lending, financial reporting, or litigation use. The ModumIQ is not an ‘appraisal’, ‘valuation’, or “evaluation”, has not been prepared in accordance with USPAP or the IAEG, and is not prepared and signed by a State-licensed appraiser. This 4-page report offers a fully supported property pricing estimate and market analysis based on in-depth research of your property’s attributes.
What makes Modum different from other services?
Modum Technologies, LLC (“Modum”) was launched by valuation professionals with 225+ years of combined appraisal, technology, and business experience to address the decades-old industry issues of poor quality control and consistency, slow turn-around times, and excessive cost. Modum provides commercial real estate lenders, institutional investors, portfolio and individual property owners, attorneys (tax, estate and litigation), accountants, and the allied community a trusted and credible real property analytical product. Our report templates and network of professionals are powered by a massive database of more than 23 million commercial property records averaging more than 1,800 data points per property, including those properties located in secondary and tertiary markets. Our professional results are augmented with the most advanced technology in the Commercial Real Estate sector to drive consistently high quality with rapid report turnaround times as quick as 5-business days at a very reasonable professional services fee.
Is Modum equipped to provide a value on any property?
The short answer is, “No”. Modum was developed to address the valuation needs of the traditional real property categories utilizing massive databases and algorithms coupled with experienced appraiser input and 2nd appraiser quality review. However, Modum’s founders recognize that algorithms cannot be a substitute for complicated and/or unique properties where a seasoned appraiser’s years of analytical experience is critical to solving the complicated and/or unique valuation issue. We have developed a Property Decision Matrix as a part of the Client’s property input process that will accept/reject a property profile. If the property isn't suitable for Modum, a Modum representative will contact you to make a recommendation of a local market appraiser (Certified General and/or MAI designated).
If I have a question about a report I just received or a question about ordering a report, is there a person with whom I can speak to answer it?
Yes! Please contact Modum using [email protected], and we will reply quickly with a response or availability to schedule a call with you.
Is this service only being offered for properties located in the United States?
The database that we use to populate the reports is rapidly expanding to soon include regions/countries outside of the U.S., including the U.K., Europe, Canada, Latin America, Australia, and the Asian Pacific. We will announce when Modum services in other countries are available.
Can I share my ModumRA, ModumEval, or ModumIQ after I receive it from Modum?
ModumRA and ModumEval reports are USPAP- and IAEG- regulated work products (Federal and State laws). The RA is not to be shared or utilized outside of the client’s purview and as the identified Intended User(s) for the RA report nor for any other use than as per the Intended Use as defined in the report. The ModumIQ is not a State and Federally regulated work product and can be shared by the client with others. Please refer to the Limiting Conditions and Assumptions at the back of each report for more detail.
Is it possible to order a Prospective or Retrospective Market Value ModumRA report?
Due to the complexities associated with Prospective (future) or Retrospective (past) date of value, we are only able to provide “As Is” market values. Please contact us at [email protected] to discuss your specific appraisal requirement, and we will provide advice and/or recommend a qualified valuation professional in your local market who can provide the required service.
