Quality Control/ Review:
Every appraisal goes through a manual review unlike many other management companies that complete an automated review. We have multiple state certified staff appraisers that are available in our review department. Every report is hand reviewed by one our qualified reviewers to ensure all USPAP, FHA/HUD, FNMA requirements are met. As well as, a review to ensure that the report is technically correct and all lender requirements have been completed.
While other AMC’s mass hire for their review department, our quality control and review department are all USPAP certified and have many years experience working with all types of appraisers, loan types and lenders. They have demonstrated the knowledge and understanding of an appraisal and its purpose in the lending industry. Unlike other companies that have a “check list” of things they search for, our review department understands the appraisal and appraisal guidelines under FNMA, FHA/HUD, and USPAP. This enables them to analyze and review all aspects of the report with a thorough understanding of what is needed in each specific assignment.
In addition to the initial review, the review department also handles all disputes and issues with appraisals. They have been trained and understand that a lender’s dispute or issue with an appraisal must be resolved quickly and efficiently in order to not slow done the loan process. In addition, they have the tools and information necessary to make sure that all issues are resolved within USPAP, FHA/HUD, and FNMA guidelines.
Further our quality control / review department conducts internal audits at random on our appraisal panel to ensure our clients are obtaining the highest quality product at all times.