There are seemingly hundreds of terms, clauses, and regulations within the appraisal management process that need to be observed. Taking into account the restrictions and protocols within the Home Valuation Code of Conduct (HVCC), it has become more necessary than ever before to ensure high-level accuracy combined with an immediate close to the appraisal procedure.
Therefore, it is in the best interest of banks, brokers, and other lenders to find an appraisal management company (AMC) that has developed a system of automating and streamlining the appraisal management process.
The majority of dependable AMCs have developed an automated system that allows for a large network of qualified and certified appraisers, compliance with the HVCC, and the highest level of accuracy in document processing. Other accommodating advantages of an automated, streamlined appraisal management system include:
- The ability to review appraisal progress twenty-four hours a day in real-time
- Automatic notifications to appraisers (i.e., times and schedules to appraise the property)
- Quality control safeguards to ensure correctness
- Encryption and other security measures for the protection of information
- Options for electronic ordering and delivery of appraisals
More often than not, AMCs will offer a promise or guarantee for one-hundred percent satisfaction with their appraisal management system due to its effectiveness.
Since more and more AMCs are surfacing, with all of them promising the quickest turnarounds and most competitive pricing, it becomes even more vital to discover the differences between various systems and find out what automating and streamlining the appraisal management process means in their words.
If their company website is vague about what their automated system is and their FAQ isn’t sufficient for your needs, it would be wise to contact the AMC directly with specific questions about their process. Some questions to ask could be:
- Does the two-day turnaround time begin after I submit the appraisal request or after the request is accepted?
- Does your automated system allow for rush or urgent appraisal submissions?
- If I have a question during the appraisal order process, am I able to speak to someone to help me or is everything automated?
- If I need to cancel an appraisal submission, is there a certain stage that I would have to complete the cancellation by?
Appraisal management companies that utilize an automated system have made it increasingly easier – and more secure – to fully handle the appraisal process. With proven streamlined procedures already being used, lenders should have an ameliorative outlook on the appraisal industry.
Eamon Arnett is writer and CEO of 48HN.com (http://www.48hn.com), a website featuring Appraisal Management Company.
[tags]appraisal management[/tags]
|
|