Glossary of Terms
An original appraisal is the initial appraisal report completed for a property in connection with a particular transaction or assignment, as distinguished from a subsequent review, update or additional appraisal.
This distinction is relevant when a file requires further valuation work. A lender may order a desk review, field review or additional appraisal when questions arise about the original report. In a reconsideration of value, the original appraisal is generally the report being reconsidered, and the appraiser who prepared it may respond to additional information submitted for consideration.
The term also appears in servicing and default work, where an original appraisal from loan origination may be compared with a current valuation to evaluate changes in collateral value over time. Keeping the original report identifiable helps valuation professionals and lenders distinguish it from later valuation products.