Auditor

An auditor is a person or organization that examines records, processes or controls against defined standards or requirements and reports the findings. Auditors may work internally or independently, depending on the purpose and scope of the audit.

In mortgage lending, auditors may review closed loan files, appraisal reports, financial controls or appraisal management company operations. Investors and mortgage insurers may also conduct reviews before acquiring or covering loans.

An auditor generally does not re-appraise the property. The focus is whether the assignment was properly ordered, adequately supported and documented as required, rather than whether the auditor agrees with the appraiser's value conclusion. This differs from an appraisal review, which evaluates an appraisal's quality, completeness or compliance and may itself constitute an appraisal assignment under Uniform Standards of Professional Appraisal Practice (USPAP).

For lenders and valuation companies, an independent audit provides an additional check on processes, documentation and compliance.