The real estate landscape is evolving, as the updates within the Home Valuation Code of Conduct (HVCC) demonstrate. For this reason, it is especially important for appraisers to make certain that their licenses, certificates, and business practices are valid and up to date. Furthermore, the aforementioned items are essential for appraisers as they join networks of various appraisal management companies (AMCs).
Although each AMC will necessitate a specific set of prerequisites, there are some basic items that each appraiser will need to have. To give you an idea of what an AMC would expect, consider the website that ranks number one on two of the three major search engines for “appraiser verification process.”
The aforementioned company structures their requirements for appraisers with an Appraiser License Verification System. Their exclusive system will validate each appraiser’s status (i.e., active, probation, etc.) within their database daily, including each of their certifications. Any reputable AMC will have safeguards in place to ensure that their entire network of appraisers meets high standards.
Also, their appraiser verification process demands that all appraisers submit copies of their certificate and insurance, further guaranteeing that lenders will have a large selection of appraisers in good standing.
Additionally, there is an appraiser terms and condition section presented by this company which entails certain commitments and obligations, such as a standard of professional practice, a minimum of two years experience within the field, and an agreement to follow the HVCC, with a renewal of said terms and conditions each year.
Obviously, appraisers have to be aware of the geographical area that the AMC is sanctioned to conduct business (i.e., local, regional, or national) and have the required licenses and certifications.
Although not generally listed as part of the verification process, some AMCs anticipate that all appraisers within their approved network will comply with their business policies, such as completing appraisals within two business days (and in some rush cases, twenty-four hours) and their payment schedule. As an appraiser, be sure to make certain that you are comfortable with completing appraisals with a swift turnaround or an AMC’s particular payment method before solidifying an association.
As stated previously, each AMC will most likely have their own unique array of requirements to officially join their network. However, there are certain conditions that all appraisers must adhere to. It is wise to stay current on code and policy updates within your specified service area in order to be approved for any appraiser verification process and secure your good standing with lenders.
Eamon Arnett is writer and CEO of 48HN.com (http://www.48hn.com), a website featuring Appraisal Management Company.
[tags]amc verification process[/tags]
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