Banks and lenders are now confronted with a multitude of options when it comes to appraisal management companies (AMCs). Not only do lenders have to network with a trustworthy AMC, but one that has stayed up to date with the appraisal industry and its processes. One key characteristic to seek out is an automated appraisal management solution in order to maximize revenue and to make good use of the company’s time.
It is well known that the AMC you decide to network with should have various compliancy safeguards in effect, most notably meeting the requirements set forth within the Home Valuation Code of Conduct (HVCC) and agreeing to some sort of non-influence policy. However, ensuring that the AMC utilizes an automated appraisal management system will also play a vital role in how reports are submitted, sent, received, and approved.
It is much more feasible for an AMC to guarantee prompt turnaround times if their appraisal process is automated and streamlined. With so many developments and improvements in the appraisal management industry, it would be imprudent to not network with a company that offers a process employing automation.
One of the best features of automated appraisal management is the appraiser locator procedure. Some systems may vary, but generally after your submission is accepted, it is automatically sent out to various, qualified appraisers within the AMC’s network, as well as within the appropriate region. Commonly, the first available appraiser – whoever responds to the request first – acquires the appraisal job. As you can imagine, this feature basically eliminates the time required to find a qualified appraiser and have them accept the bid.
Similarly, the systematic process also removes the responsibility of setting up times and schedules for the appraiser to appraise the property. A solid process will remove every aspect that could potentially impede your appraisal’s progression.
Another significant component of automated appraisal management is how simple and quick it is to view and verify each step of the process. By creating an account with a log-in and password on the AMC’s website, you will have access to every file and document related to the transaction twenty-four hours a day. Additionally, with all of the information stored safely within the AMC’s secured database, the worry of misplacing any document is negated.
Although only a couple of the advantages were mentioned, they are significant and will alleviate many of the potential hindrances in the appraisal process.
Eamon Arnett is writer and CEO of 48HN.com (http://www.48hn.com), a website featuring Appraisal Management.
[tags]automate your appraisals[/tags]
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