Now that you’ve learned what to expect from your AMC, you’re on the fast track to becoming an expert. Partnering with an appraisal management group should be an exciting yet smooth experience, and the marriage between you and your AMC should be based on a mutual partnership. As most brides and grooms will tell you, before “the big day” there is always marital advice offered from veteran couples: things to do and not to do once the bride and groom are wed. Like any good marriage, it’s only appropriate that we offer similar advice: sound steps to having a great partnership with your AMC from day one.
Step One: Get started right
One of the key steps to beginning any AMC relationship is to properly onboard your appraiser panel with your new vendor. This process presents the greatest opportunity for either success or failure. After sending your appraiser panel to your new appraisal management company, you will need to confirm:
- What percentage of your total panel registered with the AMC? Sometimes, appraisers may refuse to work with some appraisal management companies because they have had negative experiences in the past. If you choose the right AMC, this will not be an issue.
- Do you have appropriate coverage to handle your lending footprint? Now is the time to get it right so make sure that your vendor gives you recommendations based on where you are lending and what types of properties will be involved.
- Is your appraiser panel performing well in comparison to the rest of the market? Typically, the average wait time for a residential appraisal is 3-5 business days while commercial appraisals can take several days or even weeks. You need to be sure that your appraisers are going to be the most competitive and your AMC should be advising you along this process.
Step Two: Provide all necessary information from the beginning
Make sure the appraiser understands the type of property being appraised to avoid back and forth communication or any other delays. In addition, be sure to include other important information such as purchase transactions, proposed renovations or other new construction plans. Because you’re fully educating them from the get-go, your appraiser will be armed with everything they need to complete the appraisal in a timely and knowledgeable manner.
- Insider tip #1: Give it time
If you give your appraiser more time while bidding on a commercial assignment they typically will give you better pricing.
- Insider tip #2: Check your due date
We recently had a lender put an assignment in on a Thursday with a 5 day turn time. The issue? The following Monday was Memorial Day and no appraiser would take the assignment at a reasonable fee. If they would have waited until after the holiday, the fee and turn time would have been cut in half.
Step Three: Be available for questions
With the average residential appraiser completing between 220 and 240 appraisals per year, communication is key. Lenders need quick updates, and appraisers need to keep statuses current. Don’t hesitate to ask questions or get clarification, and make sure you are available for questions, too; the right AMC will be open to communication and will drive that important part of your relationship.
- Insider tip: Streamline the process
Keep everyone in the loop and receive ongoing support by viewing progress in our AMC login portal. Valuation (and communication) marital bliss.
Step Four: Check for licenses
Not all appraiser licenses or reviewers are created equal. Our clients choose MountainSeed because they prefer that their appraisals are reviewed by certified general or certified residential appraisers to make sure they are getting the best quality control on regulations, USPAP compliance and valuation. Make sure that you are getting the experience you deserve when choosing your vendor by asking what designations their appraisers are required to hold.