Nationwide Appraisal Network presents Part I of the Third Party Oversight Compliance and Best Practices webinar. Join Cristy Conolly and Kevin Johnson as they address regulatory requirements and provide guidance with respect to appraisal programs. In regards to appraisal management the following will be addressed- Appraiser independence, appraiser selection, appraisal disputes, and engagement letters. For more information about Nationwide Appraisal Network contact Kevin Johnson KJohnson@Nationwide-Appraisal.com or 888-760-8899 x-225. Nationwide-Appraisal.com

1. Third Party Oversight
Compliance & Best practices
www.Nationwide – Appraisal.com
888-760-8899

2. Jennifer Graham
JGraham@Nationwide-Appraisal.com
888-760-8899 x211

3. appraiser independence
What’s on the agenda?
appraiser selection
appraisal disputes
engagement letters

4. Director of Quality
Assurance
& Compliance
Cristy Conolly Kevin Johnson
Business Development

5. Quick Poll
Who’s with us today?

6. NAN Compliance Portal

7. Main Objectives
Challenge: Managing the risk involved in the appraisal process.
Goal: A better understanding of the regulatory requirements and best practices.
Get some clarity and relief: from the burden of the unknown.

8. Which is better?
Managing in-house?
Outsourcing to an AMC?
OR

9. Managing In-House?
Policies to promote an effective program
System to document & monitor compliance
System to monitor appraiser performance
Staff expertise to ensure QC
Ability to manage vendors

10. Best Practices for Managing In-House
Put systems in place
Keep staff separate from loan production
Clearly written policies
Consistency and transparency

11. Outsourcing to an AMC?
Conduct thorough due diligence with service provider
Access to policies, procedures, controls & training materials
Clear contract in place
On-going monitoring for compliance
Continuous oversight for 3rd party

12. Best Practices for outsourcing to an AMC
Contract in place
Transparency from service provider

13. What should my contract say?
Legal & regulatory compliance
Selection of appraisers
Payment of appraisers
Representations & warranties
Insurance coverage with AMC

14. Managing Regulations:
Dodd-Frank
InterAgency Evaluation Guidelines
On-going State Statutes and Rules
FIRREA
TILA
ECOA
USPAP

15. NAN Compliance
Compliance Task Force
Compliance Manual
Compliance Portal
Be Consistent, clear, and transparent

17. Quick Poll

19. Appraiser Independence
• Requirement
• Independence
• No Interest
• Misrepresentation
• Best Practices
• Ordering, assigning and reviewing of appraisals separate from loan process
• Manage proper communication
• Regular staff training
• At NAN…

20. Appraiser Selection
• Requirement
• Education, expertise, experience, data access, & certification
• Periodic appraisal review
• Unbiased opinion
• No interest in property
• No involvement from loan production
• Best Practices
• Thorough vetting process
• Geographic competency and experience
• Complex and unique assignments
• Performance monitoring system
• Document & be consistent with the policy
• At NAN…

21. So what about?
Approved appraiser lists
Exclusionary lists
Background checks
Customary & reasonable fees
Feb 5th @ 2pm EST.

23. Appraisal Disputes
• Formal Appeals Process
• Transparent Documentation
• Timely Responsiveness
• Appraiser Independence
• Stick to the Facts
• Certified Appraiser on staff
• Professionalism

24. Appraisal Dispute Form

25. Quick Poll

26. Engagement Letters
• Communication
• Document Expectations
• USPAP Compliance
• Retain copies; be consistent

27. Kevin Johnson
kjohnson@nationwide-
appraisal.com
813-749-8856 - direct
Cristy Conolly
cconolly@nationwide-
appraisal.com
813-749-8842 - direct

28. ATTEND Compliance Webinar Part II.
February 5th - 2pm EST
Click here to register: