Commercial appraisal review: the collateral free tools never score.
Fannie's Collateral Underwriter stops at GSE-conforming residential. Valara reviews the commercial, jumbo, and non-GSE narrative reports it never touches: multifamily, office, retail, industrial, hospitality, and land.
One review engine, two paths: the residential pre-read runs the same way. See how it fits together on the platform.
See a full commercial review.
Click through a real file: quality and confidence scores, an escalation recommendation, and every finding traced to the exact page it came from.
What Valara checks on a commercial report
Commercial appraisals are narrative, not gridded. Valara grades the reasoning behind the value, the questions a distance rule can never answer.
Income approach
Cap rate support, NOI and expense reasonableness, and DCF coherence, tested against the market the appraiser cited, not a generic benchmark.
Sales comparison
Comparable selection and the written justification for adjustments, distance, and bracketing.
Cost approach
Where developed: land value support, depreciation reasoning, and reconciliation with the other approaches.
USPAP and scope
Scope of work, highest and best use, extraordinary assumptions, and jurisdictional exceptions.
Narrative consistency
Whether the value conclusion is actually supported by the analysis, and where the report contradicts itself.
Data quality
Missing fields, conflicting values, and math errors carried across the report.
Where Collateral Underwriter ends, Valara starts.
Fannie's Collateral Underwriter scores GSE-conforming residential appraisals and is free. It does not touch the commercial, jumbo, and non-GSE narrative reports that carry the most risk. Valara reviews those, and grades the reasoning behind the value.
| Fannie's Collateral Underwriter | Valara | |
|---|---|---|
| Collateral covered | GSE-conforming residential | Commercial, jumbo, and non-GSE collateral, plus residential |
| Report style | Gridded URAR and UAD data | Narrative and form reports, read page by page |
| Income approach | Outside its scope | Cap rate support, NOI and expense reasonableness, DCF coherence |
| Narrative reasoning | Outside its scope | Whether the analysis actually supports the value conclusion |
| Findings | Grid-based, residential only | Findings cited to the page, table, and comparable |
| Cost | Free, provided by Fannie Mae | Pay per review |
Bring a commercial file
Run a sample, or upload your own narrative report.
5 credits included, no card required.