When it comes to appraisers and financial institutions, an AMC is the glue (and we stick to our word). We ensure all appraisals are not only reviewed for USPAP compliance and Interagency Guidelines, but also valuation methodologies for commercial appraisals. We are the translator between clients and their appraisers, clearly communicating our findings. Because we bring value to your community and your business, it’s our priority to deliver quality appraisals and reviews every time. To date, 38 states have enacted comprehensive legislation to provide for the oversight and registration of appraisal management companies. With over 75% of states already complying with regulation, the rest will soon follow and you need a go-to guide for appraisal management. Today, you’re in luck. Here’s what you should expect as out of the box solutions from a reliable AMC:
When beginning a relationship with an appraisal management company, always ask how long their appraisers have been working in this industry. In addition, it’s important to clarify whether they specialize in residential or commercial appraisals to ensure they are the best fit for your needs. Our appraisers, on average, have 25 years of experience in both residential and commercial appraisals and banking. When you’re serious about hiring knowledgeable professionals who have been in the appraisals game for the long-haul, you’re setting yourself up for quality reporting. In our industry, experience is key.
Right from the start, ask your AMC how quickly appraisals can be completed as well as the appraisal review. Turn times indicate how fast you can get back to your customer with the appraisal report, thus eliminating bottlenecks. AMC’s should be upfront with you from the get-go, stating how large their client base is, what expected turn times are, and how often to expect status updates. Setting clear expectations for these items right from the start is crucial for both you and your customers’ satisfaction.
Is there an open line of communication? Your AMC should be in constant communication with your appraisers to check-in on the status of your reports. They should also help to advise you in sticky situations. For example, you might need to report an appraiser or remove an appraiser from your panel — what steps should you take? Should they be in writing? All of these should be easy questions for your appraisal management company to answer for you in a timely matter. Never forget, your AMC is working for you, and you can check-in at any time to get the answers you’re looking for. At MountainSeed, we’re dedicated to not only our clients but our core values, too. These values shape everything from our day to day activities to our outstanding levels of customer service.
Go with your gut. Finding an AMC that not only you can trust, but our industry trusts as well, is key. Search for a company with long-standing relationships and statistics to back them up. The key is to find a partner you can depend and rely on to give you expert advice that will dramatically impact your business. If you’ve found yourself in a difficult situation with your current appraisal management company, Let’s talk. We’re trusted by nearly 3,000 bankers in over 300 banks who know that our system gives them complete visibility into their entire appraisal management process, and our team is available anytime to assist.
Ensure that appraisal rules and regulations are followed and enforced. Without great appraisals, your financial institution can get into deep water quickly, and trust us when we say that the water is very deep. In fact, the majority of Directors and Officers lawsuits in the recent financial crisis had appraisals at their core. Your AMC should know regulatory compliance issues you might encounter and be able to advise you in advance. Ethical practices and confidentiality laws are also vital to your business’s compliance management standards, and our industry luckily has a designation to confirm this. Approximately 60% of our team at MountainSeed has received MAI designations – so no matter who your choice of AMC is, make sure that you cover your bases with a partner who treats compliance management as seriously as they should.
Want an AMC right around the corner? Some might say that having an appraisal company in your own area is necessary for an accurate review. In reality, it’s best to have a responsive partner who has enough experience to navigate your appraisals objectively. With MountainSeed you get the best of both worlds; we combine the expertise of dedicated, local reviewers along with the power of national coverage. Our appraisers are everywhere, and we have staff in all 50 states. Nationwide coverage for nationwide results.
Have more questions about what you should expect from your AMC?