SPOTLIGHT ON CRISTY CONOLLY, Director of Quality Assurance & Compliance AT NATIONWIDE APPRAISAL NETWORK- Part II
How will NAN address the upcoming RESPA/TILA changes in August?
The closing process will significantly change when the Consumer Financial Protection Bureau’s (CFPB) rule for integrated mortgage disclosures goes into effect Aug. 1, 2015. NAN plans on participating in all required RESPA/TILA training and forums to help prepare for the Aug. 1, 2015 implementation.
What can we expect from NAN this year with regards to improvements in QC and Compliance?
Quality control often starts with selecting the best appraiser for the job. In order for this to happen, you must first have a thorough and efficient vetting process. We have developed a good understanding of lender requirements for quality control and continuously look for ways to improve as industry evolves. NAN’s specialized panel of agents are experts in products such as the 203K program and have in depth knowledge each of specific products in order to satisfy the individual appraisal needs.
Co-founder, Cari Burris is hard at work with the technology team preparing for the release of our new proprietary software, scheduled to go live this June which promises to enhance the appraisal experience, enrich technical capabilities, and allows for the flexibility of diverse resources to each client engagement.
The software will streamline and automate the entire QC process and deliver a complete, accurate and stable QC review paired with customized tracking and reporting that delivers standardized information flow and improves efficiencies between NAN, client and appraiser.
How do you, as Director of QA&C, manage all of the changes in the industry?
All of NAN’s senior staff, myself included collectively combine comprehensive real estate valuation experience with in-depth regulatory knowledge of lender, credit union and banking industry expertise, gained through extensive interaction with examiners and senior staff from various compliance management, regulatory bodies and audit staffs. That being said, I believe we, as a company, are proactively prepared to handle the changes now, and moving forward that occur in our industry. As we all know, there have been significant changes to the appraisal process in recent years. Aside from the Dodd-Frank Act, there have been many updates from Fannie Mae, FHA, USPAP, etc. We are able to expand and/or contract as needed from a human capital aspect to sustain current growth demands. NAN is currently in a growth phase and we have increased our training efforts to meet the demands of all regulatory requirements. Our approach to QC is multi-faceted. We combine automation as well as manual review from expert eyes in our quality control department. We have released an excellent series of informational whitepapers, one specifically titled “The NAN Commitment to Quality Control” which is an excellent resource of easy to understand information for our partner readership.
Cristy closed the spotlight session by reminding us that she is only as good as her supporting team.
“At NAN, it is all about the people. It’s a family culture that cares about people first. NAN founded the company with quality people who stand together and help each other. It is because of this caring foundation that we are able to be the successful company we have become.”
ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal management, providing a unique approach to appraisal management through customization, innovation, and quality. NAN website – 888.760.8899