One of the most important parts of the real estate industry is also, oddly enough, the one that is also the most overlooked: appraisals.
A seemingly simple real estate appraisal can carry dramatic implications for everyone involved in a transaction – from buyers to sellers to mortgage lenders and everyone in between. At its core, the objective of an appraisal is straightforward – a professional attempts to determine the fair and reasonable value of a property, no exceptions.
At the same time, it’s important to understand that absolutely no mortgage lender will ever offer someone a loan for more than a particular home is worth – making the accuracy of appraisals critically important.
All of this also underlines the crucial nature of finding the right appraisal management partner in the first place. At AmeriMac, for example, we require all of our appraisers to follow the strict values that we’ve set forth as a company, along with all of the standards and best practices that are dictated by the industry in general. All told, we offer a wide range of appraisal management and compliance solutions that are absolutely worth exploring.
At AmeriMac, we always specially select an appraiser for each appraisal order that we receive based on a variety of important factors. These include the appraiser’s knowledge of a particular geographic area along with their work history of accurate, compliant appraisals. A fast turnaround time is important, yes – but we don’t let this directly impact whether or not someone gets a particular assignment. Quality is always the top priority, even over other elements like speed.
We also believe that communication is incredibly important, especially in a high stakes situation such as this one. That’s why we require all appraisers to check in on a regular basis, keeping the core team back at the office updated all during the process. If we need to reach out to an appraiser with a particular question or concern, we always insist on a response within one business day. This is important because it not only helps us stay in-the-loop on all jobs that are in progress – it also allows us to convey critical data to lenders and other involved parties.
Having said all of that, appraisers are also free to either accept or reject an appraisal depending on their particular schedule. Appraisers who are overworked are a major contributing factor to poor quality end results, which is absolutely something that we do not want to have happen under any circumstances.
All throughout the appraisal process, our workforce is expected to adhere to strict standards of transparency at all times. This means that they need to update their progress through our online portal on a regular basis, all to make sure that nothing is left to chance and that everyone is updated at all times.
At AmeriMac, all of the appraisers that we work with are in compliance with all industry regulations – including but not limited to those dictated by Fannie Mae and Freddie Mac, along with the Dodd-Frank Act, the Consumer Protection Act and more.
In addition to being totally committed to appraiser independence, everyone that we employ is also fully licensed and regularly checked through an appraisal subcommittee database. We use industry leading recommendations to rotate appraisers on a regular basis, and maintain secure records of all transactions as well.
In terms of appraiser independence, the team at AmeriMac also regularly manages all communications with appraisers on a regular basis. We do so to make sure that their assessments are not only fair and accurate, but also so that they are being completed without any unnecessary influence from any parties involved in a transaction.
Thanks to the fact that AmeriMac offers its services in all 50 states, we work hard to maintain compliance in every one of them. We go to this effort because we understand that lenders need the confidence that comes with knowing they’re only working with trusted appraisal management companies. We believe that these strict compliance rules that we follow help bring this benefit to our clients everywhere.
In the end, appraisals are an essential part of the real estate industry – but they’re also one with the potential to “go wrong” in many ways. From the moment we opened our doors until now, AmeriMac has always been committed to exceptional quality in all of the services that we provide – and our appraisal management and compliance solutions are proof positive of that fact.
If you’d like to find out more about e-AMC appraisal management and compliance solutions, or if you’d just like to discuss your own requirements with dedicated professionals in more detail, please don’t wait – contact AmeriMac today.