Lender Resource Series: Order Statuses

What do Triserv’s various order statuses mean?

Given that clients and lenders work with various AMCs and LOS systems, we wanted to take a moment to advise you as to the meaning behind the various status updates you receive throughout your order process.

Some will be self-explanatory, while some may need a bit of clarification. Triserv’s goal is to make things as easy and streamlined as possible for all parties.

As with any process, there is a workflow, and within the workflow there are different steps. Once your order has been assigned and moved to the Waiting for Acceptance status, all updates from there until the report has been uploaded are updated by the appraiser or appraisal office.

Here’s an explanation of Triserv’s order statuses:

NEW – Your order has been received and is being processed for assignment.

WAITING FOR ACCEPTANCE – The order has been assigned to an appraiser or appraisal office and we are waiting for them to accept the assignment. Ideally, we like to see this get accepted in the first 24-48 hours, depending on the market area.

DECLINED – As with any process, not all appraisers or appraisal offices are available to handle every order sent their way. Declined is not the taboo word you would think. We advise our appraisers that we would rather them decline an assignment than to accept it and turn it in late due to their workload. This just means we must reassign the order to an appraiser that is available to complete the file. This could happen a few times along the way, but we work to keep this to a minimum.

ACCEPTED / PROCEEDING – The appraiser or appraisal office has reviewed the general order information and is moving the order forward within their office. Although it’s been “accepted” based on the initial information sent with the order, after the appraiser does their due diligence and researches the assignment, a different due date or fee may be required.

LEFT MESSAGE – A call, email or text message has been left with the point of contact listed in the order and the appraiser is awaiting a return call to discuss the assignment and set up an appointment.

SPOKE WITH CONTACT – Although the appraiser or appraisal office was able to discuss the file with the point of contact, an appointment has not yet been set. This could be due to the borrower not having their schedule available at the time the appraiser called, the agent stating that the work is not yet done on new construction property, etc.

SCHEDULED – The appraiser and the point of contact have agreed on a date and time for the appraisal inspection. For Review orders, Exterior-only products, or other assignments that do not require an inspection, the appraiser will input a scheduled date and time for when they plan to do the research or exterior inspection of the property.

INSPECTED – The property has been inspected. Not all orders will be updated to the Inspected status, especially during peak volume seasons.

BEING TYPED – After the inspection is completed, some appraisers will move the status to Being Typed status. This does not necessarily mean that they are “typing” the report right then but more so to advise that they have, in some form or fashion, started working on the actual appraisal report.

BEING REVIEWED – An appraisal report has been uploaded and a member of our Review Department is actively working to have the appraisal report reviewed and delivered.

QC CONDITIONS – Our Review Department has reviewed the appraisal report, and there are necessary revisions needed by the appraiser before we can deliver the final report.

LENDER CONDITIONS – The appraisal report has been delivered to the Lender, and revisions have been requested through our Conditions Department. We have sent the request for the revisions to the appraiser and are awaiting a revised report.

UCDP REVIEW / UCDP PENDING – We are in the process of pulling the SSR documents if we are set up to deliver those to the Lender. Typically, this is one of the last steps in the review process. This happens each time a report is uploaded, including revised reports.

COMPLETED – The appraisal report has been turned in to Triserv, our Review Dept has completed the review of the report, and the file has been delivered to the client, lender, and borrower (if applicable).

Some of the following statuses may disrupt the workflow but may be required for an order.

PENDING ACCEPTANCE – Our Appraisal Recruiter is hard at work to find an appraiser outside of our panel, due to the location of the assignment. For some assignments, we may have to look outside our given panel to get the appraisal report completed.

WAITING FOR PAYMENT – The Customer Service Teams will use this status for various situations in regards to the payment of an order. The credit card may have been declined. The Payment Link may not yet have been paid. There may be a fee that needs to be approved prior to moving forward with the assignment.

ON HOLD – As the status states, the order is on hold. Maybe the property is not completed, the repairs have not been done, the borrower is second guessing moving forward, etc. We will usually see this request come from the client and/or lender. On occasion, the appraiser will ask the order to be placed on hold due to information that they have been provided during the assignment process.

CANCELED – With this status, the order is not moving forward. The appraiser and Triserv have stopped all work on the assignment. It may be that the loan has been canceled, the property failed the home inspection, the borrowers have removed their loan request, etc. If an order is canceled and a Trip Fee is required by the appraiser, the status will go to a Completed status to ensure the appraiser gets paid for the work completed.

Lastly and the appraiser’s favorite….

FINALIZED – The appraisal has been completed, delivered and payment has been made to the appraiser.

Hopefully with this explanation of Triserv’s order statuses, you can better understand the process and where your order stands in the workflow. There may be exceptions along the way (such as an order goes from Inspected back to New because the order must be reassigned), but we try to keep all the orders moving in a forward motion. Our goal is to ensure that an accurate status is provided for each assignment.

At any time, if you are unsure of the status of the file as there is conflicting information, our Teams are here to assist you. As always, thank you for your business.

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