In one sentence
The independent professional valuing the property under USPAP standards for the lender's underwriting.
The longer version
The appraiser delivers the value the loan is sized against, weighing income, sales, and cost approaches. For regulated lenders, the appraiser must be engaged independently of the production side.
Appraisal timing and review sit on the critical path, and the appraiser's NOI and cap rate assumptions feed straight into loan sizing.
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