Innovative solutions. Credible results.

Appraiser Frequently Asked Questions

What is LASS-O?

LASS-O is a new kind of form report. It’s an Appraiser-driven USPAP compliant Lincoln Appraisal & Settlement Service’s Appraiser Valuation Opinion Report (LASS-O). Developed with input from two nationally-certified USPAP instructors, LASS-O enables you to provide an opinion of value at a price-point competitive with a BPO.

LASS-O is a Restricted Appraisal Report performed in an efficient and timely manner at a competitive price-point. Your client will enjoy reduced risk and increased reliability because the value opinion they’re getting is from an appraiser.

LASS-O’s Scope of Work, Certifications and Limiting Conditions are USPAP compliant and they enable you to provide the opinion of value your clients need to make decisions on HELOCs, portfolio valuations, loan acquisition due diligence and other non-GSE valuations.

Why LASS-O rather than a 2055 or a 1004?

LASS-O was created to meet the market’s need for an appraiser’s opinion of value at a competitive price-point. Appraisers have been losing tens of thousands of orders a year to BPOs and AVMs. Clients need valuation reports. Appraisers can regain the dollars lost to BPOs and AVM providers by giving their clients what they need and want.

Lincoln Appraisal & Settlement Services is a company comprised of proven real estate professionals who have years of appraisal experience and an established history of providing valuation products which consistently meet or exceed the client’s requirements. We recognize that opinions of value provided by appraisers are superior to BPOs and AVMs. We also know that not every appraisal report has to follow GSE guidelines.

Because LASS-O is a Restricted Appraisal Report the client accepts what you will and won’t be doing as a part of your Scope of Work. The time to prepare a LASS-O report will be significantly less than the time spent preparing a conventional report. LASS-O’s web based software encourages streamlined reporting and allows you to easily present your appraisal report in accordance with USPAP.

How is LASS-O different?

LASS-O is web-based. It’s ordered online, assigned to you online and you complete it online. The form is easy to navigate and the software is similar to the appraisal software you already use. Our interactive website allows both you and the client to easily track the progress of your appraisal orders.

The client’s order will be instantly assigned to you; a local appraiser with the geographic competency to provide credible results. You perform an inspection of the subject property. You take photos of the front, the street view in both directions and photos of any external influences. The LASS-O software will automatically include an aerial view of the subject which supports and verifies what your on-site observations revealed.

The software makes data entry simple. Corrections or omissions are handled before you upload your report. The website employs computerized accuracy to check every report for compliance, accuracy and consistency before you complete your report making it quicker to complete the order and guaranteeing that you spend less time on revisions or corrections. For more information, visit www.LASS-O.com. There you can view a LASS-O demonstration and signup to begin receiving LASS-O orders from our clients. Please contact: George K. Demopulos, RA, SRA, President of Lincoln Appraisal and Settlement Services at 401-831-3500 x150 or info@lincolnappraisal.com.

 

Financial institutions have been asking for it. We delivered.