Tuesday, October 29, 2013

Why use an appraisal management company?

Appraiser Independence:
The Dodd-frank act and the interagency appraisal and evaluation guidelines demand that the collateral valuation process be isolated from the loan production process.

Even the small or rural ban k exception will not protect of appraiser independence unless they are able to demonstrate clearly that they have prudent safeguards t isolate their collateral valuation program from influence or interference from the loan production process.

An appraisal management company can acts as the firewall separating the collateral valuation program from influence or interference from the loan production process.

Failure to demonstrate clearly that it has those safeguards in place to the satisfaction of the institution’s regulator will be considered a violation of the appraiser independence requirements mandated by the Dodd-frank Act.

What the penalties for violations of appraiser independence are as defined under the Dodd-frank Act?
Anyone who violates the appraiser independence requirements under the Dodd-frank Act could be subject to pay a civil penalty of up to $10,000 for each any such violation continues.

Why use lenders Allies:
In addition to separating the collateral valuation program from the production process lenders allies provides other value added services.

Appraiser independence goes beyond just separating the collateral valuation program from the production process, it also includes compensating fee appraisers at a rate is customary and reasonable for appraisal services performed being appraised.
How do you know that the appraiser who prepared your appraisal reports were paid a customary and reasonable fee?
With every invoice that lenders allies provides to its clients, the client will see the fee paid to the appraiser and the fee lenders allies earns appraisal report.  This transparency’s your assurance of compliance under the Dodd-frank Act.

Vendor Management:
Lenders allies can manage you appraisal panel or you can use lenders allies’ panel of experienced appraisers.  Instead of spending time to update and maintain vendor license status and errors and omissions insurance, lender allies can manage this for you. Lenders allies can also provide you with performance reports on your vendors.

Assigning Orders:
By allowing lenders allies to manage the order assignment, you are supporting appraiser independence by completely removing that function from your loan originating process. Lenders allies has several auto assignment scheme to choose from , including assigning by best turn time, proximity, ranking or client data last assigned.

Processing orders:
Following up on orders can be time consuming. Lenders allies will not orders to make sure they are completed on time, lenders allies will keep you informed every step of the way. You can track your orders online and you can receive email every time there is a change in status for each update you select:
·         Order is pending credit card approval
·         Order was assigned
·         Property inspection has been scheduled
·         Property has been inspected
·         Order was accepted by the vendor
·         A change in fee has been requested
·         Order is pending Cancellation
·         Order has been placed on hold
·         Free change approved by client
·         FHA case Number Requested
·         FHA case Number Received
·         The order is in progress
·         The order is in review
·         Report Delivered to
·         Client

To send lenders allies an email while you are on our site reviewing your orders could not be easier.
 Instead of logging out to open your email, simply click on the e-mail office icon and send us your message:

As soon as you hit send the email is received by customer service.