AppraiserLoft Services Quick Guide

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AppraiserLoft Services Quick Guide

  1. 1. “ “ We appreciate all AppraiserLoft has done for us to smooth out this new process. It makes a difference when a vendors seeks to understand our business and constantly makes changes to meet our needs. Your process flexibility, timely communication and drive to understand us sets you apart from your competition. ~ Matt Mallery, CMH Homes Inc. 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 responsive delivery times. When dealing with corrections or issues of quality control, again we find the Appraiserloft system as much more responsive both in time and results. Capping off the service delivery and quality control is their stable pricing. We are now able to effectively provide our customers with realistic pricing nationally, without individual pricing spikes around the country. With all of these items together NGFS has been able to, again, successfully maintain its Service Delivery Standard to our customers. ~ Bob Shields, NGFS (First Mariner Bank) We found working with AppraiserLoft an incredible experience 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 appraiser on this report, I just wanted to give kudos to the support team we have for First Omni—they have been of particular help to me on my appraisal orders through your company. Great job ladies—glad you’re on our team. ~ Avery Browder, First Omni You guys have been great. I have only used you 2 times but I look forward to future business since you have been very good on contacting my borrowers, scheduling everything, and getting the appraisals back in a timely manner. Thanks again.. whoever I’m actually speaking to. ~ Steve Coverdale, MLD Mortgage Inc. dba, The MoneyStore 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
  2. 2. 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. Comfortable yet fashionable shoes to walk the property. Working hands to take notes, measure, make calls, etc. Welcoming smile to make your borrowers feel at ease and to show confidence. Professional and/or business casual work attire.
  3. 3. team workappreciated HELPFULthoroughSupport Wonderfuldetailed t e c h n o l o g y Our state-of-the-art technology and user interface is the most intuitive and sophisticated in the appraisal management business. f a n a t i c a l c u s t o m e r s e r v i c e AppraiserLoft is committed to providing our clients with paramount customer service. We guarantee that when you call you will speak with a live team member every time and will receive a response to an online inquiry inside of 30 minutes. i n t e g r a t i o n AppraiserLoft is a leader in XML integration and data parsing strategies. Through XML data parsing, we can build custom appraisal summary reports or deliver pieces of your appraisal to multiple locations. H V C C c e r t i f i e d AppraiserLoft is an independent, third party appraisal management company and we are fully compliant with all off the policies and procedures outlined within the Home Valuation Code of Conduct (HVCC). appraiserloft Subject Property: 1234 Testin g way, San Diego , CA 92127 Appraisal Date: Appraisal Deliv ery: The final appra isal was delive red via email on June 2, 2009, 4:37 PM CDT The final appra isal was delive red via U.S. Posta l Service on June 2, 2009 Appra iserLoft is an indep endent, third party appra isal mana geme nt comp any and has created a uniqu e proce ss that strictly adheres to the Home Valua tion Code of Cond uct (HVC C). Appra iserLoft has follow ed the follow ing policies and proce dures on behalf of ___________________ on this assignmen t: Appra iserLoft has selected, retain ed, and will provide paym ent of all comp ensation to the appra iser. Appra iserLoft ensures that all appra isers are licens ed or certifi ed in the applic able state. All our appra isers are regularly cross -chec ked again st the Appra isal Subcommittee datab ase for verific ation of licens ing/ce rtifica tion and discip linary action . Appra iserLoft ensures in the development, reporting, result, and review of this appra isal, the appra iser has not been influe nced in any way. Appra iserLoft ensures the staff taske d with selecting the appra iser for this assignmen t has been well traine d in the area of real estate appra isal and is indep endent of any loan produ ction staff. Appra iserLoft has not provided any target or estim ated value to the appra iser on the lende r’s behalf. Appra iserLoft ensures the result of this appra isal assignmen t is comp letely indep endent is not steered by comp ensation to the appra iser. In an effort to help our clients remain HVCC comp liant, Appra iserLoft has mech anism s in place to report anyone that violates HVCC or these policies and proce dures . Until the Indep endent Valua tion Prote ction Institu te (IVPI) has been created, if there are any conce rns regarding our appra isal mana geme nt proce ss, pleas e conta ct the Appra isal Institu te. appraiserloft Subje ct Prope rty: 1234 Testin g way, San Diego , CA 92127 Appra isal Date:Appra isal Delivery: The final appraisal was delive red via email on June 2, 2009, 4:37 PM CDT The final appraisal was delive red via U.S. Postal Servic e on June 2, 2009 Appra iserLo ft is an independen t, third party appraisal management company and has create d a unique process that strictly adheres to the Home Valuation Code of Conduct (HVCC). Appra iserLo ft has followed the following policie s and procedures on behalf of _____ _____ _____ ____ on this assign ment: Appra iserLo ft has select ed, retained, and will provid e payment of all compensation to the appraiser. Appra iserLo ft ensures that all appraisers are licensed or certified in the applic able state. All our appraisers are regula rly cross-checked against the Appra isal Subco mmittee database for verification of licensing/ce rtification and disciplinary action . Appra iserLo ft ensures in the development, report ing, result, and review of this appraisal, the appraiser has not been influenced in any way.Appra iserLo ft ensures the staff tasked with select ing the appraiser for this assign ment has been well trained in the area of real estate appraisal and is independen t of any loan production staff. Appra iserLo ft has not provid ed any target or estimated value to the appraiser on the lender’s behalf. Appra iserLo ft ensures the result of this appraisal assign ment is completely independen t is not steere d by compensation to the appraiser.In an effort to help our clients remain HVCC compliant, Appra iserLo ft has mechanism s in place to report anyon e that violate s HVCC or these policie s and procedures. Until the Independen t Valuation Protection Institu te (IVPI) has been create d, if there are any conce rns regard ing our appraisal management process, please contact the Appra isal Institu te.
  4. 4. w a r r a n t y AppraiserLoft protects the Lender, Transferee, or Assignee Lender against an actual financial loss if the warranted appraisal report is ultimately determined to be in excess of the variance of the value of the collateral. 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 technology 15-16 reverse mortgage specialization 17-18 customization 19-21 turn time report 22 HVCC compliance guidelines 23-24 FHA appraisal compliance 25-26 summary of warranted appraisal 27-28
  5. 5. Experience the difference. We’re makin’ it happen everyday! becoming the nation’s leader in appraisal management viva le pajar de valuador 5
  6. 6. 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. 61. the state or fact of being present; current existence or occurrence. 2. impressive personal appearance or bearing. pres-ence (prez’ens) corporate overview
  7. 7. 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. ser-vice (sur’vis) 7
  8. 8. 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. 8 product overview prod-uct (prod’ekt) 1. commodities offered for sale. 2. an artifact that has been created by some- one or some process.
  9. 9. 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. val-ue (val’yoo) 9
  10. 10. property inspection report FNMA 2075 • Exterior inspection of the subject property from the street. • Report consists of limited subject property and marketability factors. • No estimate of market value. land appraisal report • Estimates the market value of unimproved sales suitable for residential development. • Includes a signed appraiser’s certification. plans/specs appraisal • Used to determine estimated market value, new construction, reviews plans and specifications. • Provides general description of subject’s exterior, foundation, basement, and insulation. • Provides sales comparison analysis grid with indicated value by sales comparison approach. 1. a principle, standard, or quality considered worthwhile or desirable. 2. (values) a person’s principles or standards. 10
  11. 11. Fanatical customer service is the bread and butter of our business. Top 5 reasons why we rock. 11 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.
  12. 12. 12 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. customer service 1. marked by excessive enthusiasm for and intense devotion to a cause or idea. fa-nat-i-cal (f -nat’i-k l)e e
  13. 13. When an appraisal management company truly understands your business, it does more than improve your results - it improves your bottom line. 13
  14. 14. 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. 14 qual-i-ty (kwol-i-tee) 1. character with respect to fineness, or grade of excellence. 2. producing or providing products or services of high quality or merit.
  15. 15. 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 Tech We lead the appraisal management business with cutting edge technology. Don’t miss out! Knowledge
  16. 16. 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. 16 tech-nol-o-gy (tek-nol -je)e 1. the application of practical or mechanical sciences to industry or commerce. 2. the scientific methods or devices used in a particular field.
  17. 17. 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. 17 Obtaining a loan is a highly sensitive process. It is our job to ensure that this experience is as pleasant as possible.
  18. 18. 18 reverse mortgage specialization 1. having no like or equal; unparalleled; incomparable. u-nique (yoo-neek) 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  receipt of the order, will mention the name of the lender on whose behalf they are calling and be as  detailed as possible about the reason for their call.   • Appraiser will only call the borrower during  acceptable hours (before 7 p.m. local time) or  within specific time frames as set forth by the  lender upon initial order.  • Appraiser will arrive on time for all  inspections – In case of any delay, the  appraiser must contact the borrower  immediately to reschedule or manage expectations.  • Appraiser will refer the borrower to their  lender for any specific questions related to  pricing, the loan terms or the process.  • Appraiser will adhere to all FHA  guidelines and provide detailed explanations and  photos for any repair, deferred maintenance  concerns or cost to cure items.  • Appraiser will do their best to listen to the  borrower and provide a full explanation of their  inspection process and requirements.  •  Appraiser will submit the final report to our  office within 48 hours of completion of the inspection. If they are experiencing delays for any reason, they are to advise  AppraiserLoft via phone or email so we may  advise the LO immediately.  • Appraiser should do their best to be aware of any  potential fraud issues or elderly abuse and  report them to AppraiserLoft immediately.  • Appraiser will dress professionally.   • Appraiser will use appropriate language when  addressing the borrower. The use of foul language for any reason is not tolerated.   • Appraiser will not smoke on or near the  borrower’s property.
  19. 19. 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. 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. 19
  20. 20. customization process and workflow customization AppraiserLoft shapes our internal workflow around the specific needs of each client. Our clients vary greatly in size, available technology, product focus and process requirements. As a true valuation partner, we must be flexible in how we receive, manage and deliver appraisal orders. In the end, our goal is to make your production run as smoothly and efficiently as possible. Process and Workflow Customization Options Include: • Order acceptance through XML, fax, phone, email or through our award winning web-based appraisal management portal • Tracking and management tiers which allow for varying degrees of access to your appraisal files • Multiple appraisal delivery options such as direct email via our appraisal portal or direct delivery into your LOS through XML integration • MISMO standard integration process ensures minimal start up delays quality control review and compliance customization Quality control and regulatory compliance are a top concern of most lenders. AppraiserLoft takes these concerns very seriously. In an effort to address this need, we offer customized quality control review for each appraisal. Through consultation and discussion, AppraiserLoft will determine your list of QC and compliance requirements. Your specific QC items become an automated review checklist that is applied to each order prior to delivery. This way, we can further ensure that the appraisal you receive does not need to go back to the appraiser for simple corrections or adjustments. Quality Control Review and Compliance Customization includes: • Creation of custom QC requirements • Assignment of custom requirements in automated review system • Automated review of each custom QC or compliance item prior to delivery of appraisal • Manual review of QC and compliance requirements billing and pricing customization AppraiserLoft understands that not all transactions are the same when it comes to method and timing of payment. In order to meet those varying needs, our system allows for multiple payment and billing options. Whether our clients prefer to require payment up front or at closing, our system can accommodate all options on a transactional or standard practice basis. customization 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. XML (eks’em-el) 20
  21. 21. Billing and Pricing Customization Options Include: • Credit card payment prior to order commencement • Credit card payment via the AppraiserLoft portal • Credit card and check by phone • Net billing for pay at close • Flat rate national pricing • Regional pricing tiers • Volume based flat rate pricing support team and process customization Support is an essential component of any successful real estate transaction. When managing multiple appraisals on a national scale, having solid support who is aware of and built around your specific needs, processes and practices is extremely important. AppraiserLoft provides each client with a dedicated support team that is trained and built around your specific practices and preferences. This process removes the need for repeated appraisal or service corrections that come with most AMC’s. AppraiserLoft ensures a smooth transaction by customizing our support team around your needs as a client Support and Process Customization Includes: • Dedicated support teams • Custom account requirements training • Customized workflow and client interaction based on client recommendations • Custom reporting and appraisal XML appraisal data parsing and customized delivery AppraiserLoft is a leader in XML integration and data parsing strategies. Through XML data parsing, we can build custom appraisal summary reports or deliver pieces of your appraisal to multiple locations. Our system allows a client to order an appraisal via a direct XML integration then have the ability to design custom reports or data repositories that are powered by their own appraisal data. XML Appraisal Data and Customized Delivery Options Include: • Custom appraisal data parsing • Custom appraisal summary report creation • Data delivery to multiple destinations, products and databases • Zero development cost appraisal platform LOS integration and customization With the multitude of LOS systems on the market, AppraiserLoft recognizes that providing only one appraisal management and ordering portal would limit our client’s ability to easily order appraisals through their preferred system. Clearly, it is in the best interest of our clients that we provide a path toward ordering and receiving appraisals directly to and from their LOS. AppraiserLoft places a priority on direct and custom integration whenever possible. Regardless of your LOS, we will work to make ordering and receiving appraisals a seamless process. Our team of developers and integration specialists has the skill, integration experience and desire to make any custom integration a reality. Appraisal Platform LOS Integration and Customization Options Include: • Direct integration to any existing pre-built LOS system • Direct integration into any proprietary LOS system • Custom XML ordering and delivery • Zero development charge 21
  22. 22. turn time report daysfromorder toacceptance avg.days tocomplete order daysfromorder toacceptance avg.days tocomplete order statestate 22 Alabama 0.34 4.02 Alaska 0.88 5.57 Arizona 0.09 3.5 Arkansas 0.46 4.25 California 0.11 4.65 Colorado 0.38 4.94 Connecticut 0.02 5.56 Delaware 0.04 3.06 District of Columbia 0.12 3.3 Florida 0.09 6.06 Georgia 0.14 5.37 Hawaii 0.36 6.62 Idaho 0.28 3.46 Illinois 0.12 4.17 Indiana 0.22 2.34 Iowa 0.44 4.48 Kansas 0.25 5.48 Kentucky 0.29 3.35 Louisiana 0.39 3.97 Maine 0.33 4.3 Maryland 0.05 4.13 Massachusetts 0.07 3.44 Michigan 0.13 3.66 Minnesota 0.32 3.48 Mississippi 0.31 4.94 Missouri 0.14 3.51 Montana 0.14 8.08 Nebraska 0.26 5.33 Nevada 0.24 5.12 New Hampshire 0.42 4.29 New Jersey 0.15 5.07 New Mexico 0.07 3.82 New York 0.14 4.76 North Carolina 0.12 4.28 North Dakota 0.12 4.88 Ohio 0.42 7.03 Oklahoma 0.09 4.26 Oregon 0.31 3.83 Pennsylvania 0.25 5.79 Rhode Island 0.04 7.24 South Carolina 0.19 4.08 South Dakota 0.19 4.42 Tennessee 0.16 4.98 Texas 0.56 4.59 Utah 0.15 3.83 Vermont 0.75 5.92 Virginia 0.15 4.84 Washington 0.08 3.96 West Virginia 0.04 4.68 Wisconsin 0.36 3.71 Wyoming 0.02 4.06
  23. 23. appraiserloft Subject Property: Appraisal Date: Appraisal Delivery: AppraiserLoft is an independent, third party appraisal management company and has created a unique process that strictly adheres to the Home Valuation Code of Conduct (HVCC). AppraiserLoft has followed the following policies and procedures on behalf of ___________________ on this assignment: AppraiserLoft has selected, retained, and will provide payment of all compensation to the appraiser. AppraiserLoft ensures that all appraisers are licensed or certified in the applicable state. All our appraisers are regularly cross-checked against the Appraisal Subcommittee database for verification of licensing/certification and disciplinary action. AppraiserLoft ensures in the development, reporting, result, and review of this appraisal, the appraiser has not been influenced in any way. AppraiserLoft ensures the staff tasked with selecting the appraiser for this assignment has been well trained in the area of real estate appraisal and is independent of any loan production staff. AppraiserLoft has not provided any target or estimated value to the appraiser on the lender’s behalf. AppraiserLoft ensures the result of this appraisal assignment is completely independent is not steered by compensation to the appraiser. In an effort to help our clients remain HVCC compliant, AppraiserLoft has mechanisms in place to report anyone that violates HVCC or these policies and procedures. Until the Independent Valuation Protection Institute (IVPI) has been created, if there are any concerns regarding our appraisal management process, please contact the Appraisal Institute. Fraud Prevention: A certified copy of the original appraisal report provided by the appraiser is available through the AppraiserLoft Secure Repository to all authorized individuals. Please contact AppraiserLoft to access this information. appraiserloft Subject Property:Appraisal Date:Appraisal Delivery: AppraiserLoft is an independent, third party appraisal management company and has created a unique process that strictly adheres to the Home Valuation Code of Conduct (HVCC). AppraiserLoft has followed the following policies and procedures on behalf of ___________________ on this assignment: AppraiserLoft has selected, retained, and will provide payment of all compensation to the appraiser. AppraiserLoft ensures that all appraisers are licensed or certified in the applicable state. All our appraisers are regularly cross-checked against the Appraisal Subcommittee database for verification of licensing/certification and disciplinary action. AppraiserLoft ensures in the development, reporting, result, and review of this appraisal, the appraiser has not been influenced in any way.AppraiserLoft ensures the staff tasked with selecting the appraiser for this assignment has been well trained in the area of real estate appraisal and is independent of any loan production staff. AppraiserLoft has not provided any target or estimated value to the appraiser on the lender’s behalf. AppraiserLoft ensures the result of this appraisal assignment is completely independent is not steered by compensation to the appraiser.In an effort to help our clients remain HVCC compliant, AppraiserLoft has mechanisms in place to report anyone that violates HVCC or these policies and procedures. Until the Independent Valuation Protection Institute (IVPI) has been created, if there are any concerns regarding our appraisal management process, please contact the Appraisal Institute. Fraud Prevention: A certified copy of the original appraisal report provided by the appraiser is available through the AppraiserLoft Secure Repository to all authorized individuals. Please contact AppraiserLoft to access this information. 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 payment for the appraiser. We will further ensure that all members of the lender’s loan production staff will be forbidden from: • Selecting, retaining recommending, or influencing the selection of any appraiser for a particular assignment • Having any communication with an appraiser • AppraiserLoft will assist the lender in clearly demonstrating that absolute lines of independence have been achieved and the lender has prudent safeguards to isolate it’s collateral valuation process from influence. • AppraiserLoft ensures that all staff members tasked with selecting appraisers for it’s approved panel are “trained and qualified in the area of real estate appraisals” and “independent of any loan production staff”. HVCC certificate 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. 23
  24. 24. 24 borrower receipt of appraisal • Per HVCC, we ensure that the lender provides a copy of the appraisal to the borrower, free of charge and immediately upon completion, or in any event no less than three days prior to the closing of the loan. prevention of improper influences on appraiser • AppraiserLoft is an independent third party appraisal management company and does not have any ownership affiliation with any lender. • AppraiserLoft will not provide “any estimated or target value of the property or the loan amount applied” to the appraiser on the lender’s behalf. • AppraiserLoft ensures that compensation “does not depend in any way on the value arrived at in any appraisal”. • AppraiserLoft has adopted policies and procedures implementing the Code of Conduct. AppraiserLoft also has mechanisms in place to report anyone who violates these policies and procedures. the independent valuation protection institute (IVPI) • AppraiserLoft will assist the lender in providing information to borrowers about the IVPI and it’s services. • AppraiserLoft fully supports the creation and regulation of the IVPI. appraisal quality control testing • AppraiserLoft will provide the lender with quality control testing of a random selection of 10 percent of its appraisal reports. A report will be provided to the lender with “any adverse, negative, or irregular findings of such quality control testing”. referrals of appraisal misconduct reports • AppraiserLoft is aware that if any lender has reasonable cause to believe an appraiser or appraisal management company is violating applicable laws, the lender will refer the matter to the appropriate authorities. representations and warranties • AppraiserLoft will ensure the lender is in full compliance of the HVCC and the lender can certify, warrant, and represent that the appraisal report was obtained in a compliant manner according to the Code of Conduct. scope of code AppraiserLoft is aware that nothing in this Code of Conduct shall be construed to establish new requirements or obligations that: • Require a lender to use a particular method for property valuation. • Affect the acceptable scope of work for an appraiser for a particular assignment. • Require the lender or third party to take any action prohibited by law. HVCC Compliance Guidelines 1. the extent of the area or subject matter that something deals with or to which it is relevant. scope (skop)
  25. 25. FHA appraisal compliance certified FHA appraisers • AppraiserLoft ensures that all appraisals completed on or after October 1, 2009 for FHA-insured mortgages are completed by certified residential or certified general appraisers who are on the FHA Roster for the state in which the property is located and are in good standing within FHA Connection. appraiser independence • Per Mortgagee Letter 2009-28, we ensure that mortgage brokers and commission based lender staff are prohibited from the appraisal process with our Appraisal Firewall. • All selected FHA Roster appraisers will be independently selected, retained and compensated without any influence by a mortgage broker or any member of a lender’s staff who is compensated on a commission basis. appraiser and management compensation • AppraiserLoft will allow all FHA Roster appraisers to record the fee paid for performance of the appraisal in the appraisal report. • AppraiserLoft will compensate all FHA Roster appraisers for appraisal services performed at a rate that is customary and reasonable in the market area of the property being appraised. • Itemized on the invoice provided by AppraiserLoft will be the fee paid to the FHA Roster appraiser and a separate management and processing fee for AppraiserLoft’s services. • AppraiserLoft ensures all fees charged for services will be strictly related to ordering, processing, and reviewing of appraisals performed for FHA financing. • AppraiserLoft service fees will not exceed what is customary and reasonable for the market area. 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 assignment. 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. 25
  26. 26. 26 FHA compliance • Withholding or threatening to withhold timely payment or partial payment for an appraisal report. • Withholding or threatening to withhold future busi- ness from an appraiser, or demoting or terminating or threatening to demote or terminate an appraiser. • Expressly or implied promising future business, promotions or increased compensation for an appraiser. • Conditioning the ordering of an appraisal report or the payment of an appraisal fee or salary or bonus on the opinion, conclusion or valuation to be reached, or on a preliminary value estimate requested from an appraiser. • Requesting that an appraiser provide an estimated, predetermined or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser’s completion of an appraisal report. • Providing to the appraiser an anticipated, estimated, encouraged or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase must be provided. • Providing to the appraiser, appraisal company, 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. • Allowing the removal of an appraiser from a list of qualified appraisers or the addition of an appraiser to an exclusionary list of qualified appraisers, used by any entity, without prompt written notice to such appraiser, which notice shall include written evidence of the appraiser’s illegal conduct, a violation of the Uniform Standards of Professional Appraisal Practice (USPAP) or state licensing standards, improper or unprofessional behavior or other substantive reason for removal. • Ordering, obtaining, using, or paying for a second or subsequent appraisal or automated valuation model (AVM) in connection with a mortgage financing transaction unless: (i) there is a reasonable basis to believe that the initial appraisal was flawed or tainted and such appraisal is clearly and appropriately noted in the loan file, or (ii) unless such appraisal or automated valuation model is done pursuant to written, pre-established bona fide pre- or post- funding appraisal review or quality control process or underwriting guidelines, and so long as the lender adheres to a policy of selecting the most reliable appraisal, rather than the appraisal that states the highest value; or • Any other act or practice that impairs or attempts to impair an appraiser’s independence, objectivity or impartiality or violates law or regulation, including, but not limited to: the Truth in Lending Act (TILA) and Regulation Z and USPAP. appraiserloft will further ensure prohibition of the following per mortgagee letter 2009-28: 1. a series of actions, changes, or functions bringing about a result. 2. to put through the steps of a prescribed procedure. proc-ess (pros’es)
  27. 27. 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
  28. 28. 28 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 summary of warranted appraisal warranty 1. official authorization, sanction, or warrant. 2. justification or valid grounds for an act or a course of action. warr-an-ty (wor’ n-te)e
  29. 29. notes:
  30. 30. “ My name is Jennifer Dunn and I have been dealing with two ladies that work for AppraiserLoft at the help desk. Their names are Jan and Pina. I speak with both these ladies on a daily basis, multiple times a day in fact. They have been so helpful with ALL of my appraisal drama. I always know when they say that they will do something, they follow through. They are fast and always do a very thorough job. In fact I look forward to talking to both of 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 great service from AppraiserLoft, thanks again! ~ Kristie Hall, First Omni Just wanted say thank you and tell you how much we in turn appreciate you. It is rare to find a company that is willing to mold their business and processes around the way we do business rather than force us to mold to our process. Thank you all for going the extra mile to make a difference for us and create great customer experiences. It is a pleasure doing business together. ~ Matt Mallery, CMH Homes, Inc Your support team seems to understand what we are asking for and really seems to push to get it done. I would say this is one thing that sets 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. “ our vision From our inception to our future growth and development, AppraiserLoft has been on the vanguard in the valuation landscape. Em- powered by technology, creativity and Fanatical Customer Service, we strive to remain on the cutting edge of knowl- edge, expertise and per- formance in the appraisal industry. Our commit- 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
  31. 31. www.appraiserloft.com | 877-229-7799 | San Diego, CA 92127 powered by

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