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AppraiserLoft Services Quick Guide






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    AppraiserLoft Services Quick Guide AppraiserLoft Services Quick Guide Document Transcript

    • “ responsive both in time and particular help to me on my results. Capping off the service delivery appraisal orders through your and quality control is their stable company. Great job ladies—glad pricing. We are now able to you’re on our team. effectively provide our ~ Avery Browder, First Omni We appreciate all customers with realistic pricing AppraiserLoft has done for us to nationally, without individual pricing You guys have been smooth out this new spikes around the country. With all of great. I have only used you 2 process. It makes a difference these items together NGFS has been times but I look forward to future when a vendors seeks to understand able to, again, successfully business since you have been our business and constantly makes maintain its Service Delivery very good on contacting my borrowers, changes to meet our needs. Standard to our customers. scheduling everything, and getting the Your process flexibility, timely ~ Bob Shields, NGFS (First Mariner appraisals back in a timely manner. communication and drive to Bank) Thanks again.. whoever I’m actually understand us sets you apart from your speaking to. competition. We found working with AppraiserLoft ~ Steve Coverdale, MLD Mortgage Inc. ~ Matt Mallery, CMH Homes Inc. an incredible experience dba, The MoneyStore Next Generation Financial Services, a Division of 1st Mariner Bank (NGFS) started using Appraiserloft several months ago due to issues with delivery time, appraisal quality and variations of costs. With the technology platform provided by Appraiserloft’s “Dashboard” internet site, we found an immediate improvement in the levels of communication providing more and we highly recommend their services. Security One has tried diligently for years to find the right company that could understand the difference between being a vendor and being a partner. We have found our partner and are excited to share our testimonials with the whole industry. ~ Dave Bancroft, Security One Lending Along with recommending the “ I have had several very difficult appraisals, and my team has been most helpful. They also listened to my complaining, without complaint. They are always helpful, offer great customer service and have great personalities. They are an asset to your company. ~ Evelyn Salyer, First Omni responsive delivery times. When appraiser on this report, I just wanted dealing with corrections or issues of to give kudos to the support team we quality control, again we find the have for First Omni—they have been of Appraiserloft system as much more
    • our mission AppraiserLoft is a leading provider of comprehensive collateral valuation products targeted towards the mortgage lending, servicing and insurance industries. Our mission is to deliver a top quality appraisal product to our clients while providing Fanatical Customer Service, true values, state-of-the-art technologies, customized data systems and the highest level of integrity in the valuation industry. Welcoming smile to make your borrowers feel at ease and to show confidence. Professional and/or business casual work attire. Working hands to take notes, measure, make calls, etc. Comfortable yet fashionable shoes to walk the property.
    • appr aiserlo ft Subje ct Appra Property: 1234 isal Date: Testin Appra g way, isal Deliv San Diego ery: The , CA 92127 final The final appraisal was appraisal delive Appra was delive red via email iserLo red via on June strictly ft is an U.S. Posta 2, 2009, adher independen procedures es to the t, third l Servic 4:37 on behal Home Valua party appra e on June PM CDT f of _____ tion isal 2, 2009 _____ Code of Cond manageme Appra _____ iserLo ft has ____ on uct (HVCC). nt company select this assign AppraiserLo and has Appra ed, retain ment: ft has created a uniqu rloft iserLo ed, and followed are regula ft ensur es that will provid the follow e process that aise rly licensing/ce cross-chec all appra e paym ing policie ent of s and rtification ked again isers are licens appr all comp and discip st the Appra ed or certifi ensation Appra linary to the iserLo been influe ft ensur action isal Subcommitt ed in the appraiser. . ee datab applicable nced in es in the devel ase for state. any way. opment, verificationAll our appra Appra report isers iserLo ing, result of the area ft ensur , and review of real es the estate staff of this Appra appraisal tasked with appraisal, iserLo and is select the appra PM CDT ft has ing independen the appra 7 , 4:37 not provid iser for iser has , CA 9212 2, 2009 June 2, 2009 iserLo Appra ed any t of any loan produ this assign not San Diego email on June ce on compensat ft ensur that ss target or estim ction staff. ment has g way, l Servi Testin red via U.S. Posta ion proce eses and e to the result ated value been well 1234 delive via ed a uniqu ing the appraiser. of this appra polici to the trained Property: isal was delivered has creat effort In an the follow isal assign appraiser in appra Subject Date: The final appraisal was any and followed anyon to help ment is on the lender’s Appraisal Delivery: The final nt comp oft has Institu e that violate our clients completely behalf. geme iserL te s HVCC remain HVCC independen Appraisal isal mana C). Appra iser. please (IVPI) has been appra or these compliant, appra uct (HVC t: conta the to policie t is not third party of Cond assignmen ensation ct the Appraappraisersif there s and proce AppraiserLo create d, steere d by endent, tion Code ___ on this all comp . All our isal Institute. are any dures. ft has indep ent of Until mech is an Home Valua ________ de paym able state of conce rns regard the Indep anisms in iserLoft the will provi the applic verification place Appra adheres to lf of ________ ed in ing our enden ed, and certifi database for appraisal t Valuation to report strictly on beha retain ed or iser has not manageme Protection proce dures selected, are licensSubcomm ittee appra nt proce iserL oft has appra isers isal isal, the ss, Appra appra Appra that all st the of this d in ensures ked again action . review well traine iserLoft -chec linary t, and been Appra arly cross and discip ting, resul t has are regul rtification ent, repor nmen ing/ce developm this assig licens in the iser for staff. lf. ensures the appra production r’s beha iserLoft in any way. selecting any loan the lende Appra nced taske d with endent of iser on steered by influe appra is not been the staff and is indep to the endent ensures appraisal ated value team workappreciated indep iserLoft e t or estim letely t Appra of real estat t is comp to repor any targe nmen the area provided isal assig s in placeProtection has not appra anism mech nt Valuation nt process, iserLoft result of this oft has ende geme Appra the iserL Indep mana ensures iser. liant, Appra . Until the our appraisal iserLoft to the appra comp dures Appra ensation in HVCC proce regarding comp s rema policies and concerns our client these are any to help HVCC or if there effort es In an that violat created, te. been anyone (IVPI) has HELPFULthoroughSupport isal Institu te Appra Institu contact the e pleas Wonder fuldEtAiLEd technology fanatical integration HVCC Our state-of-the-art customer AppraiserLoft is a leader certified technology and user service in XML integration and AppraiserLoft is an interface is the most AppraiserLoft is data parsing strategies. independent, third party intuitive and sophisticated committed to providing Through XML data appraisal management in the appraisal our clients with parsing, we can build company and we are fully management business. paramount customer custom appraisal compliant with all off the service. We guarantee summary reports or policies and procedures that when you call you will deliver pieces of your outlined within the speak with a live appraisal to multiple Home Valuation Code of team member every locations. Conduct (HVCC). time and will receive a response to an online inquiry inside of 30 minutes.
    • table of contents corporate overview 5-6 nationwide presence 6 product overview 7-10 customer service 11-12 professional compliance 13-14 quality assurance 14 warranty technology 15-16 AppraiserLoft protects the Lender, Transferee, or reverse mortgage specialization 17-18 Assignee Lender against an actual financial loss if customization 19-21 the warranted appraisal report is ultimately turn time report 22 determined to be in excess of the variance of HVCC compliance & guidelines 23-24 the value of the collateral. FHA appraisal compliance 25-26 summary of warranted appraisal 27-28
    • becoming the nation’s leader in appraisal management viva le pajar de valuador Experience the difference. We’re makin’ it happen everyday! 5
    • corporate overview corporate overview AppraiserLoft was founded in 2006 with a goal to become the nation’s leading provider of residential real estate valuation services through an unparalleled level of customer service and attention to detail. AppraiserLoft offers a comprehensive range of residential appraisal products providing our clients with the security and fraud prevention benefits of a traditional appraisal management company, without the inefficiencies and quality control problems that typically plague such organizations. nationwide presence AppraiserLoft provides a nationwide network of appraisers with coverage from the largest cities to the smallest rural communities. We continually monitor our nationwide presence and recruit the most qualified residential appraisers in growing and under served market areas. AppraiserLoft appraisers are state certified residential appraisers who have been selected for their ability to provide the optimal balance of rapid turn around times, high quality reports, and reasonable rates. By staying in tune with national market trends, AppraiserLoft is able to assure our clients that they are paying reasonable, market specific prices, while receiving top quality appraisals in optimal time. pres-ence (prez’ens) 1. the state or fact of being present; current existence or occurrence. 2. impressive personal appearance or bearing. 6
    • ser-vice (sur’vis) product overview uniform residential appraisal report (URAR) FNMA 1004 • The standard fannie mae summary appraisal report. • Considers market value trends, supply and demand and marketing times. • Provides indicated value by cost approach, where appropriate. • Provides a sales comparison analysis grid with indicated value by sales comparison approach. • Quantitative adjustments to comparable sales. • Estimates a specific market value. exterior only inspection residential appraisal report FNMA 2055 • Summary appraisal report documentation including extensive property information. • Provides quantitative adjustments to comparable sales. • Estimates a specific value. condo appraisal FNMA 1073 • Considers market value trends, supply and demand, and marketing times. • Room count and actual square footage by GLA. • Notes condition of improvements, depreciation, repairs needed, and quality of construction. • Project and phase information includes number of units, number of units for sale, and number of units currently rented, enabling assessment for any location risk within the complex. 7
    • product overview 1. an act of helpful activity; help; aid: to do someone a service. 2. the providing or a provider of appraisal accommodation and activities required by the public, as maintenance, repair, etc. exterior-only Inspection individual condominium unit appraisal report 1075 • Designed to report an appraisal of unit in a condominium project or a condominium unit in a planned unit development (PUD). • Includes a visual inspection of the exterior areas of the subject property from at least the street. • Inspect and analyze the condominium project. • Inspect the neighborhood. • Inspect each of the comparable sales from at least the street. • Estimates a specific market value. prod-uct (prod’ekt) 1. commodities offered for sale. 2. an artifact that has been created by some- one or some process. 8
    • val-ue (val’yoo) multi-family appraisal FNMA 1025 • Small residential income property appraisal report for two-to-four family residences. • Provides neighborhood, site, and improvement descriptions. • Provides general description of subject’s physical structure. • Notes condition of improvements, depreciation, repairs needed and quality of construction. • Includes an analysis of market rents, with rent comparables. • Sales comparison, income including, and cost approaches are all considered in estimating market value. FHA appraisal • Property inspected and report written by an FHA certified appraiser. • URAR, multi-family, or duplex may apply. • Considers market value trends, supply and demand, and marketing times. • Provides a sales comparison analysis grid with indicated value by sales comparison approach. • Quantitative adjustments to comparable sales. • Estimates a specific market value. condition and marketability report FHLMC 2070 • Summary appraisal report that conforms to USPAP requirements. • Reports general condition of the subject property and marketability factors. • Reports current market conditions of the neighborhood. • Option for upgrade path as adverse factors are observed. • No estimate of market value. 9
    • 1. a principle, standard, or quality considered worthwhile or desirable. 2. (values) a person’s principles or standards. property inspection report plans/specs appraisal FNMA 2075 • Used to determine estimated market value, new • Exterior inspection of the subject property from the construction, reviews plans and specifications. street. • Provides general description of subject’s • Report consists of limited subject property and exterior, foundation, basement, and insulation. marketability factors. • Provides sales comparison analysis grid with • No estimate of market value. indicated value by sales comparison approach. land appraisal report • Estimates the market value of unimproved sales suitable for residential development. • Includes a signed appraiser’s certification. 10
    • Fanatical customer service is the bread and butter of our business. Top 5 reasons why we rock. We build our business to promote Customer Loyalty. We provide true customer service. Our philosophy: “The customer is always right”. We are honest with our customers. We educate our staff to be equally as concerned about your customers as you are. 11
    • customer service customer service At the core of our customer service center is our tried-and-true call monitoring system where each incoming call is automatically routed to the appropriate staff member. Every corporate client has an account manager assigned to their account and is available to assist the client by providing: • Personalized service for the account. • A fixed point of contact within AppraiserLoft from start to finish. • Comprehensive information about products and services. • Peace of mind knowing that any questions or problems are being handled by an experienced professional. • Contact and feedback from someone who is dedicated to making sure your appraisals are done quickly and correctly. • A live voice every time. You will never be routed to voicemail. The AppraiserLoft system ensures a prompt answer to incoming calls and guarantees a level of customer satisfaction unparalleled in the industry. We respect our customer’s time and strive to fulfill their needs as effectively and efficiently as possible. Your success, our passion. Your success, our passion. Your success, our passion. fa-nat-i-cal (f -nat’i-k l) e e 1. marked by excessive enthusiasm for and intense devotion to a cause or idea. 12
    • When an appraisal management company truly understands your business, it does more than improve your results - it improves your bottom line. 13
    • professional compliance/QA professional compliance AppraiserLoft appraisers are professionally certified by the state in which the property is located. Our customers can feel secure knowing that the professional standards outlined by the Uniform Standards of Professional Appraisal Practice (USPAP) and Financial Institutions Reform Recovery and Enforcement Act (FIRREA) guidelines are always observed. quality assurance AppraiserLoft is committed to providing the highest quality residential valuation services possible. Every appraisal we deliver passes through a checkpoint system which confirms completeness and other basic quality control issues. We continually monitor and adjust our processes in order to maximize the quality of our products and the speed of their delivery. Some appraisal management companies use automated review systems that attempt to analyze the data selection and value conclusions of the appraiser. Experience has shown us that such systems are often unreliable, and counterproductive. These automated quality evaluations tend to reduce efficiency by flagging those issues that an experienced and competent real estate appraiser would have already identified and addressed. AppraiserLoft manages quality proactively by insisting on the best work from both staff and appraisers. Instead of using automation, employing underpaid, or unqualified staff to review every appraiser’s analysis, each report is professionally reviewed by our in house review staff who hold the appraiser to the highest standards required by them as certified professionals. qual-i-ty (kwol-i-tee) 14 1. character with respect to fineness, or grade of excellence. 2. producing or providing products or services of high quality or merit.
    • Tech Knowledge We lead the appraisal management business with cutting edge technology. Don’t miss out! Enhance productivity for all employees Reduce costs Enhance collaboration and communication Recruit the most talented minds Attract new customers Accessible from any computer with Internet capabilities Scalable for companies of all sizes
    • technology/security technology AppraiserLoft has the most sophisticated and intuitive user interface in the appraisal management industry. AppraiserLoft customers can order, make payment and track their appraisals directly from any web enabled computer. Our roots are as a provider of cutting edge technological solutions to the residential mortgage industry and our focus continues to be on the development and deployment of technology to improve the efficiency and quality of the appraisal process. As such, AppraiserLoft will continue to set the industry standard for years to come. security AppraiserLoft meets or exceeds all security guidelines in place for the real estate and mortgage industries. All transactions through our web portal or XML/API are secured with industry standard 128 bit encrypted connections. Your transactions are viewable only by your support team and only when they need access. Additionally, each appraisal report is secured against any unauthorized tampering before delivery to the client. tech-nol-o-gy (tek-nol -je) e 16 1. the application of practical or mechanical sciences to industry or commerce. 2. the scientific methods or devices used in a particular field.
    • As a representative of AppraiserLoft, and by extension the lender, we require our appraisers to take into consideration the unique expectations and support levels that are essential when working with our seniors. Often times the appraiser is one of the few, if not the only, personal interactions a senior will have during their Reverse Mortgage loan closing process. For this reason, we understand that it is essential for the appraiser to conduct their inspection with the utmost care, respect and professionalism for our senior clients. Obtaining a loan is a highly sensitive process. It is our job to ensure that this experience is as pleasant as possible. 17
    • reverse mortgage specialization reverse mortgage specialization We understand that senior clients are very special and deserve to be treated as such. Therefore, in accordance with our clients’ expectations and requirements we ask that each member of our professional appraisal panel who chooses to be qualified to perform Reverse Mortgage appraisals adhere to the following guidelines and expectations. These guidelines are offered based on our significant experience working with Reverse Mortgage clients. It is our intention to make the appraisal portion of the loan process run as smoothly as possible. We know that for many Reverse Mortgage borrowers, obtaining a loan on their family home is a highly sensitive and unfamiliar process. It is our job, and by extension, the appraiser’s to ensure that this experience is as pleasant as possible. • Appraiser will contact the borrower promptly upon • Appraiser will do their best to listen to the receipt of the order, will mention the name of the borrower and provide a full explanation of their lender on whose behalf they are calling and be as inspection process and requirements. detailed as possible about the reason for their call. • Appraiser will submit the final report to our • Appraiser will only call the borrower during office within 48 hours of completion of the acceptable hours (before 7 p.m. local time) or inspection. If they are experiencing within specific time frames as set forth by the delays for any reason, they are to advise lender upon initial order. AppraiserLoft via phone or email so we may advise the LO immediately. • Appraiser will arrive on time for all inspections – In case of any delay, the • Appraiser should do their best to be aware of any appraiser must contact the borrower potential fraud issues or elderly abuse and immediately to reschedule or manage expectations. report them to AppraiserLoft immediately. • Appraiser will refer the borrower to their • Appraiser will dress professionally. lender for any specific questions related to pricing, the loan terms or the process. • Appraiser will use appropriate language when addressing the borrower. The use of foul language for • Appraiser will adhere to all FHA any reason is not tolerated. guidelines and provide detailed explanations and photos for any repair, deferred maintenance • Appraiser will not smoke on or near the concerns or cost to cure items. borrower’s property. u-nique (yoo-neek) 1. having no like or equal; unparalleled; incomparable. 18
    • AppraiserLoft knows that every client is different and each one has unique underwriting guidelines, as well as workflow and process requirements that are created to meet their specific needs. We realize that building a uniform approach to your valuation needs isn’t always the best path toward improving your daily workflow. With that in mind, AppraiserLoft places significant focus on customizing our process, platform and support teams to meet your specific needs. AppraiserLoft Customization Options include: • Process and workflow customization • Quality control review and compliance customization • XML appraisal data parsing and customized delivery • Appraisal platform LOS integration and customization • Billing and pricing customization • Support team and process customization • Quick integration process utilizing MISMO standard specifications Regardless of your specific requirements, AppraiserLoft will work to build a custom package that best suits your business model. As an AppraiserLoft client, you are given the keys to unlock the doors of your valuation imagination. If it can be done, we will make it happen. Our ability to listen to our clients and to design and implement solutions makes AppraiserLoft a valuable business partner. We strive to be more than just a vendor we want our team to be an extension of your production staff. 19
    • customization customization process and workflow customization Through consultation and discussion, AppraiserLoft AppraiserLoft shapes our internal workflow around will determine your list of QC and compliance the specific needs of each client. Our clients vary requirements. Your specific QC items become greatly in size, available technology, product focus an automated review checklist that is applied to and process requirements. As a true valuation partner, each order prior to delivery. This way, we can we must be flexible in how we receive, manage and further ensure that the appraisal you receive does deliver appraisal orders. In the end, our goal is to not need to go back to the appraiser for simple make your production run as smoothly and efficiently corrections or adjustments. as possible. Quality Control Review and Compliance Process and Workflow Customization Customization includes: Options include: • Creation of custom QC requirements • Order acceptance through XML, fax, phone, email • Assignment of custom requirements in or through our award winning web-based appraisal automated review system management portal • Automated review of each custom QC or • Tracking and management tiers which allow for compliance item prior to delivery of appraisal varying degrees of access to your appraisal files • Manual review of QC and compliance • Multiple appraisal delivery options such as direct requirements email via our appraisal portal or direct delivery into your LOS through XML integration billing and pricing customization • MISMO standard integration process ensures AppraiserLoft understands that not all transactions minimal start up delays are the same when it comes to method and timing of payment. In order to meet those varying needs, quality control review and our system allows for multiple payment and billing compliance customization options. Quality control and regulatory compliance are a top concern of most lenders. AppraiserLoft takes these Whether our clients prefer to require payment up concerns very seriously. In an effort to address this front or at closing, our system can accommodate need, we offer customized quality control review for all options on a transactional or standard practice each appraisal. basis. XML (eks’em-el) 20 1. A metalanguage that allows one to design a markup language, used to allow for the easy interchange of documents on the World Wide Web.
    • Billing and Pricing Customization Support and Process appraisal platform LOS Options include: Customization includes: integration • Credit card payment prior to order • Dedicated support teams and customization commencement • Custom account requirements With the multitude of LOS systems on • Credit card payment via the training the market, AppraiserLoft recognizes AppraiserLoft portal • Customized workflow and client that providing only one appraisal • Credit card and check by phone interaction based on client management and ordering portal • Net billing for pay at close recommendations would limit our client’s ability to easily • Flat rate national pricing • Custom reporting and appraisal order appraisals through their • Regional pricing tiers preferred system. Clearly, it is in the • Volume based flat rate pricing best interest of our clients that we XML appraisal data provide a path toward ordering and parsing and receiving appraisals directly to and support team and process customized delivery from their LOS. customization AppraiserLoft is a leader in XML Support is an essential component of integration and data parsing AppraiserLoft places a priority any successful real estate transaction. strategies. Through XML data parsing, on direct and custom integration When managing multiple appraisals on we can build custom appraisal whenever possible. Regardless of a national scale, having solid support summary reports or deliver pieces of your LOS, we will work to make who is aware of and built around your your appraisal to multiple locations. ordering and receiving appraisals specific needs, processes and practices Our system allows a client to order an a seamless process. Our team of is extremely important. appraisal via a direct XML integration developers and integration specialists then have the ability to design custom has the skill, integration experience AppraiserLoft provides each client with reports or data repositories that are and desire to make any custom a dedicated support team that is trained powered by their own appraisal data. integration a reality. and built around your specific practices and preferences. This process removes XML Appraisal data and Appraisal Platform LOS integration the need for repeated appraisal or Customized delivery Options and Customization Options include: service corrections that come with most include: • Direct integration to any existing AMC’s. AppraiserLoft ensures a smooth • Custom appraisal data parsing pre-built LOS system transaction by customizing our support • Custom appraisal summary report • Direct integration into any team around your needs as a client creation proprietary LOS system • Data delivery to multiple • Custom XML ordering and delivery destinations, products and • Zero development charge databases • Zero development cost 21
    • turn time report Alabama 0.34 4.02 Missouri 0.14 3.51 Alaska 0.88 5.57 Montana 0.14 8.08 Arizona 0.09 3.5 Nebraska 0.26 5.33 Arkansas 0.46 4.25 Nevada 0.24 5.12 California 0.11 4.65 New Hampshire 0.42 4.29 Colorado 0.38 4.94 New Jersey 0.15 5.07 Connecticut 0.02 5.56 New Mexico 0.07 3.82 delaware 0.04 3.06 New York 0.14 4.76 district of Columbia 0.12 3.3 North Carolina 0.12 4.28 Florida 0.09 6.06 North dakota 0.12 4.88 Georgia 0.14 5.37 Ohio 0.42 7.03 Hawaii 0.36 6.62 Oklahoma 0.09 4.26 idaho 0.28 3.46 Oregon 0.31 3.83 illinois 0.12 4.17 Pennsylvania 0.25 5.79 indiana 0.22 2.34 Rhode island 0.04 7.24 iowa 0.44 4.48 South Carolina 0.19 4.08 Kansas 0.25 5.48 South dakota 0.19 4.42 Kentucky 0.29 3.35 tennessee 0.16 4.98 Louisiana 0.39 3.97 texas 0.56 4.59 Maine 0.33 4.3 Utah 0.15 3.83 Maryland 0.05 4.13 Vermont 0.75 5.92 Massachusetts 0.07 3.44 Virginia 0.15 4.84 Michigan 0.13 3.66 Washington 0.08 3.96 Minnesota 0.32 3.48 West Virginia 0.04 4.68 Mississippi 0.31 4.94 Wisconsin 0.36 3.71 Wyoming 0.02 4.06 days from order days from order to acceptance to acceptance to complete to complete avg. days avg. days order order state state 22
    • AppraiserLoft is an independent, third party appraisal management company that has reviewed the final version of the Home Valuation Code of Conduct (HVCC) and has created written policies and procedures to ensure full compliance with the Code. These policies and procedures will further ensure that our clients are in compliance with HVCC as well. HVCC compliance & guidelines appraiser independence safeguards • AppraiserLoft ensures that all appraisers are licensed or certified in the applicable state. All appraisers are cross-checked daily with the Appraisal Subcommittee database for active licensing and disciplinary actions. • We ensure that the “development, reporting, result, or review of an appraisal” is not influenced in any way. appraiser engagement • Per HVCC, AppraiserLoft will select, retain, and provide iserloft payment for the appraiser. We will further ensure that appra all members of the lender’s loan production staff will be forbidden from: Propert Subject Date: l y: Appraisa Delivery: l gement compan s create d a uniqu y and ha lowed the follow ft has fol e process and ing polici that es • Selecting, retaining recommending, or influencing Appraisa l mana iserLo appraisa t (HVCC). Appra the selection of any appraiser for a particular rd party iser. dent, thi Code of Conduc assignment: the appra indepen n s sation to rLoft is an Valuatio ___ on thi compen Appraise res to the Home ____________ ent of all our appra isers ictly adhe behalf of ____ vide paym state. 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Until the anism s regard Ind s ing ou ependent Va in place to r appra rep isal ma luation Prote ort nageme ction nt pro cess, Fraud Pre “independent of any loan production staff”. through vention: A access the Appraise certified cop this info rLo y of the rmatio ft Secure ori n. Reposito ginal appra ry to all isal autho report provid rized individ ed by the uals. Ple appra ase con iser is ava tact Ap ilab praise le rLoft to 23 HVCC certificate
    • HVCC Compliance & Guidelines borrower receipt of appraisal appraisal quality control testing • Per HVCC, we ensure that the lender provides • AppraiserLoft will provide the lender with quality a copy of the appraisal to the borrower, free of control testing of a random selection of 10 percent charge and immediately upon completion, or in any of its appraisal reports. A report will be provided to event no less than three days prior to the closing of the lender with “any adverse, negative, or irregular the loan. findings of such quality control testing”. prevention of improper influences referrals of appraisal on appraiser misconduct reports • AppraiserLoft is an independent third party • AppraiserLoft is aware that if any lender has appraisal management company and does not reasonable cause to believe an appraiser or have any ownership affiliation with any lender. appraisal management company is violating • AppraiserLoft will not provide “any estimated or applicable laws, the lender will refer the matter target value of the property or the loan amount to the appropriate authorities. applied” to the appraiser on the lender’s behalf. • AppraiserLoft ensures that compensation “does not representations and warranties depend in any way on the value arrived at in any • AppraiserLoft will ensure the lender is in full appraisal”. compliance of the HVCC and the lender can • AppraiserLoft has adopted policies and procedures certify, warrant, and represent that the appraisal implementing the Code of Conduct. AppraiserLoft report was obtained in a compliant manner also has mechanisms in place to report anyone according to the Code of Conduct. who violates these policies and procedures. scope of code the independent valuation protection AppraiserLoft is aware that nothing in this Code institute (IVPI) of Conduct shall be construed to establish new • AppraiserLoft will assist the lender in providing requirements or obligations that: information to borrowers about the IVPI and it’s • Require a lender to use a particular method for services. property valuation. • AppraiserLoft fully supports the creation and • Affect the acceptable scope of work for an regulation of the IVPI. appraiser for a particular assignment. • Require the lender or third party to take any action prohibited by law. scope (skop) 1. the extent of the area or subject matter that something deals with or to which it is relevant. 24
    • AppraiserLoft has reviewed HUD Mortgagee Letters 2008-39 and 2009-28 and has created and implemented written policies and procedures to comply. Effective immediately, AppraiserLoft is in complete compliance with both mortgagee letters. In addition, AppraiserLoft’s HUD Compliance Policies will ensure that lenders are in compliance effective immediately. FHA appraisal appraiser and management compensation compliance • AppraiserLoft will allow all FHA Roster appraisers to record the fee paid for performance of the appraisal in certified FHA appraisers the appraisal report. • AppraiserLoft ensures that all appraisals completed on or after October 1, 2009 for FHA-insured mortgages are • AppraiserLoft will compensate all FHA Roster completed by certified residential or certified general appraisers for appraisal services performed at a rate appraisers who are on the FHA Roster for the state in that is customary and reasonable in the market area of which the property is located and are in good standing the property being appraised. within FHA Connection. • Itemized on the invoice provided by AppraiserLoft appraiser independence will be the fee paid to the FHA Roster appraiser and • Per Mortgagee Letter 2009-28, we ensure that a separate management and processing fee for mortgage brokers and commission based lender staff AppraiserLoft’s services. are prohibited from the appraisal process with our Appraisal Firewall. • AppraiserLoft ensures all fees charged for services will be strictly related to ordering, processing, and reviewing • All selected FHA Roster appraisers will be of appraisals performed for FHA financing. independently selected, retained and compensated without any influence by a mortgage broker or any • AppraiserLoft service fees will not exceed what is member of a lender’s staff who is compensated on a customary and reasonable for the market area. commission basis. prevention of improper influences on appraisers • AppraiserLoft ensures that no mortgage broker or member of the lender’s production staff compensated by commission shall have substantive communications with an appraiser relating to or having an impact on valuation, including ordering or managing an appraisal 25 assignment.
    • FHA compliance appraiserloft will further ensure prohibition of the following per mortgagee letter 2009-28: • Withholding or threatening to withhold timely • Allowing the removal of an appraiser from a list of payment or partial payment for an appraisal report. qualified appraisers or the addition of an appraiser to an exclusionary list of qualified appraisers, used by • Withholding or threatening to withhold future busi- any entity, without prompt written notice to such ness from an appraiser, or demoting or terminating or appraiser, which notice shall include written evidence threatening to demote or terminate an appraiser. of the appraiser’s illegal conduct, a violation of the Uniform Standards of Professional Appraisal Practice • Expressly or implied promising future business, (USPAP) or state licensing standards, improper or promotions or increased compensation for an unprofessional behavior or other substantive reason appraiser. for removal. • Conditioning the ordering of an appraisal report • Ordering, obtaining, using, or paying for a second or or the payment of an appraisal fee or salary or subsequent appraisal or automated valuation model bonus on the opinion, conclusion or valuation to (AVM) in connection with a mortgage financing be reached, or on a preliminary value estimate transaction unless: (i) there is a reasonable basis to requested from an appraiser. believe that the initial appraisal was flawed or tainted and such appraisal is clearly and appropriately • Requesting that an appraiser provide an estimated, noted in the loan file, or (ii) unless such appraisal predetermined or desired valuation in an appraisal or automated valuation model is done pursuant report prior to the completion of the appraisal report, to written, pre-established bona fide pre- or post- or requesting that an appraiser provide estimated funding appraisal review or quality control process values or comparable sales at any time prior to the or underwriting guidelines, and so long as the lender appraiser’s completion of an appraisal report. adheres to a policy of selecting the most reliable appraisal, rather than the appraisal that states the • Providing to the appraiser an anticipated, estimated, highest value; or encouraged or desired value for a subject property or a proposed or target amount to be loaned to the • Any other act or practice that impairs or attempts to borrower, except that a copy of the sales contract for impair an appraiser’s independence, objectivity or purchase must be provided. impartiality or violates law or regulation, including, but not limited to: the Truth in Lending Act (TILA) and • Providing to the appraiser, appraisal company, Regulation Z and USPAP. appraisal management company or any entity or person related to the appraiser, appraisal company or management company, stock or other financial or non-financial benefits. proc-ess (pros’es) 26 1. a series of actions, changes, or functions bringing about a result. 2. to put through the steps of a prescribed procedure.
    • AppraiserLoft has added a warranted appraisal to its arsenal of products. This warranty is a completely customizable solution that protects each lender against actual financial loss. 27
    • warranty summary of warranted appraisal eligible loan guidelines: • Loan Types: First Mortgage Purchase or Refinance Loans, Second Mortgages, HELOCs • Maximum Loan Amount up to 1.5M • Minimum Borrower FICO credit score of 600 • LTV and CLTV not to exceed 100% ineligible property types: • Commercial Properties • Residential properties of 5 units or more • Properties located outside the U.S. coverage period: • The warranty coverage is available in terms of 3, 5, or 7 years. reimbursement of actual financial loss: • AppraiserLoft will insure that the Warranted Appraisal Report is within a 10% variance as of the effective date of the appraisal. • AppraiserLoft will cover the actual financial loss up to $100,000 claim process: • Notify AppraiserLoft within 60 days of foreclosure or when Lender realizes fraud has occurred and/or debt cannot be collected • Provide proof of loss within 90 days • AppraiserLoft will order a retrospective appraisal which will be reviewed by all parties • Payment shall be made in respect to the Claim for Damages within 30 days of acceptance of proof warr-an-ty (wor’ n-te) e 28 1. official authorization, sanction, or warrant. 2. justification or valid grounds for an act or a course of action.
    • notes:
    • “ Just wanted say thank you and tell you how much we in turn appreciate you. It is our vision From our inception to rare to find a company that is our future growth and willing to mold their business development, My name is and processes around the way Jennifer Dunn we do business rather than force us to AppraiserLoft has been and I have been dealing with two ladies mold to our process. Thank you all for on the vanguard in the that work for AppraiserLoft at the help going the extra mile to make valuation landscape. Em- desk. Their names are Jan and Pina. I a difference for us and create great powered by technology, speak with both these ladies on a daily customer experiences. It is a creativity and Fanatical basis, multiple times a day in fact. They pleasure doing business together. Customer Service, we have been so helpful with ALL of my ~ Matt Mallery, CMH Homes, Inc strive to remain on the appraisal drama. I always know when cutting edge of knowl- they say that they will do something, they Your support team seems to edge, expertise and per- follow through. They are fast and understand what we are asking for formance in the appraisal always do a very thorough job. and really seems to push to get it done. industry. Our commit- In fact I look forward to talking to both of I would say this is one thing that sets them each and everyday!!! ~ Jennifer Dunn, Wealthbridge I just wanted to send a letter of thanks to the team at AppraiserLoft for all of their help with this rather difficult situation. All the representatives were friendly and informative each time I called for help. They worked their magic to ensure that everything was completed in time to close this loan and avoid a rate lock extension. I really appreciate the “ AppraiserLoft apart from the competitors. Too often we find competitors arguing with our requests, and seemingly trying to stop our requests from reaching the appraiser. thanks for all you and your team do for us, it is refreshing to have a AMC that really seems to be on our side, and works with us as a team. It is refreshing from what we have had to deal with in the past. ~ Rancey Sparks, Vanderbilt Mortgage and Finance, Inc. ment to excellence, to serve our clients and to serve our industry as a whole is founded by syn- ergy amongst an organi- zational and management team with conviction and integrity. ~ Aman Makkar Founder & CEO great service from AppraiserLoft, thanks again! ~ Kristie Hall, First Omni
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