An Appraisal Management Company Can Cut The Cost Of Home Appraisals
In 2010, new legislation called the Appraiser Independence Rule or AIR replaced older rules called the Home Valuation Code Of Conduct. The new rules include more protection for the whole housing market and additional requirements for appraiser independence. These new rules were developed by stakeholders such as Fannie Mae, and the Federal Housing Finance Agency. These new rules changed the appraisal landscape to protect appraisers from undue influence and pressure from parties involved in a real estate transaction. Appraisers are now able to give a true appraisal of value without fear of reprisals from property owners, Realtors, or lenders. Now an Appraisal Management Company can put together appraisers and lenders to the advantage of both.
Appraisal management companies such as Nationwide AMC can study the newest regulations and help their clients understand and follow them. These companies have clients who are lenders and clients who are appraisers from the whole east coast, California, and Illinois. The management company takes appraisal orders from its lender members and then matches the appraisal orders to an appraiser on their panel. The management company has standards that both lenders and appraisers must meet so that everyone is protected. Appraisers get paid a fair fee and lenders get top quality appraisals in a timely manner. Everyone wins.
The advantage of using certified appraiser for lenders is the reliability of the service. This management company makes sure that lenders are matched to the right appraiser for their job. Lenders are assured that all regulations are complied with and all of their needs are met. Once an order for an appraisal is submitted, the borrower will be contacted to schedule an inspection appointment within 48 hours. Reports are submitted two to four days after the inspection date. The lender will get e-mail notifications of each step of the appraisal process. All appraisals are reviewed by an in-house appraiser before the final report is submitted.
The advantage to appraisers considering working with an appraisal management company is that they have a steady stream of work they are paid reasonable fees for. Payment comes in a timely manner. Knowing that payment is assured is a big advantage to appraisers. All the requirements are spelled out up front with no unreasonable demands added later. The management company provides all the support and tools appraisers need to provide the best appraisal reports to their clients.
This management company is a full-service residential appraisal management service. All of the appraisers who work for them are licensed and insured. Appraisers are paid well so they can provide high-quality appraisals. Tools like Appraise My House are available to homeowners as well. This company keeps all clients notified of every step of the process using an online appraisal order management system they developed. For more information, please go to the website.
