It may seem strange that a lender would ask if we are truly nationwide when our company name is Nationwide Appraisal Network, but it’s actually a great question and we know why it gets asked.
Many appraisal management companies that claim national coverage are not truly nationwide. Many of them outsource to companies like ours because the cost of compliance is too burdensome. Or they don’t have the people in place to manage a national panel properly. When an AMC outsources appraisal management functions to to other AMC’s, it puts the lender at even more risk. Chances are the lender has done the due diligence on the AMC they have selected and that’s it, not realizing appraisal requests are being outsourced.
Another topic of concern is the question of State Registrations. Many lenders are unaware that this is even a requirement for AMC’s. The regulatory landscape has changed immensely for appraisal management companies over the past few years. State registrations are a part of that. There are currently 38 states that have registration requirements in place for AMC’s. Meaning the Appraisal Management Company doing business in that state, must be registered in order to do so. Some states have their own rules and regulations such as time frames for appraiser payments, quality control requirements, fingerprints, surety bonds, and in-house staff appraisers. Managing all of the different requirements from state to state can be a lot for the smaller AMC’s to handle. If not managed properly, it could put the lender at risk.
To avoid these headaches and costs, smaller management companies simply outsource to bigger AMC’s like NAN. Either way, if you’re goal is to work with a truly national Appraisal Management Company and reduce your risk…then these are the main points of concern for you.
At NAN, we understand the risk at hand for lenders. That’s why we have put all of the right people in place to manage compliance, state registrations, and our appraiser panel. Our team of vendor relations representatives works on our panel every day to ensure completeness and accuracy of profile information, coverage areas, license and insurance verification in addition to ensuring they are up to date and active. All state registration certificates are posted on our website and in our compliance portal for easy access. Every appraisal request includes our state registration number for the appraiser’s work file. We do not outsource a single function of our business to anyone. When you do business with NAN, it’s all under one roof. Ours!