If you’re considering outsourcing the appraisal process to a third party Appraisal Management Company, consider the following before making your selection. Choosing the best appraisal management partner is an important decision.
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Effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them three days prior to closing.) Various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers.
Every appraisal management company deals with complaints and issues at one point or another. The question is, how are they handled? Last year, we had a paradigm shift at NAN. We realized that we were losing golden moments to win over our clients that would call and express dissatisfaction for one reason or another. At the time we were so heavily involved in compliance that we eventually came to a…
Aside from compliance, appraiser background checks are the hottest and possibly most controversial topic in the industry right now. I’ve attended both the Five Star Conference and the Mortgage Bankers Association (MBA) 100th Annual Convention and Expo recently where this topic was at the forefront of many discussions. Among the many points addressed: Is this necessary? Does this intrude upon appraisers rights? Will this produce more quality appraisals? Who is…
Did you know that Nationwide Appraisal Network takes efficiency and quality very seriously? So seriously, that we have team members and proper procedures in place to not only monitor turn times but to hold people accountable for their productivity and commitments. Though our clients and vendors view our relationship to the appraisal process as simple, what they don’t know is that there are lots of things going on behind the…
According to Reverse Mortgage Daily, Once a booming business, many appraisers left the industry upon the housing crash, never to reenter the market. More generally, though, changes including new regulations have led to a decline in qualified appraisers at a time when borrowers are starting to need their services increasingly once again. We are seeing a shortage at this point for a number of reasons including: 1. Low fees from…
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