Several appraisal management companies have announced enhancements and integrations intended to help home lenders improve compliance and cut costs.
Appraisals for residential loans insured by the Federal Housing Administration will soon need to be submitted through the Electronic Appraisal Delivery portal.
FHA’s new EAD
requirements impact residential loans with case numbers that are assigned on or after June 27, 2016, according to Mortgagee Letter 2015-08.
Got Appraisals claims that with its November 2015 implementation of integrated access to FHA’s EAD portal, it is among “the very first major AMCs to make integrated EAD submissions available to its lender clients.”
A new appraisal tool recently announced by Valuation Partners, Market $en$e, promises to protect lenders from
potential loan buybacks when properties receive a high-risk rating from Fannie Mae’s Collateral Underwriter. The tool from the AMC provides detailed reasons why a report receives a high-risk score and gives potential solutions for reducing the score.
Valuation Partners said earlier this year that it
developed a new purchase appraisal process to help meet growing demand for fast, high quality valuations on purchase transactions.
A staff appraiser division was recently opened by First Look Appraisals LLC in the Denver market. The Chicago-based AMC noted steady growth in Denver’s real estate sales — leading to longer appraisal turnaround. First Look is addressing the expanded time frames by utilizing staff appraisers as well as independent contractors.
Dart Appraisal recently announced that its services have been integrated into the LendingQB loan origination system.
A partnership between LRES and OSC provides lender clients of the AMC with OSC’s lender-placed insurance and REO insurance services.
LRES said in August that it authored the white paper,
Appraisal Management Company Best Practices: Managing Regulatory Compliance for Appraisals. The report discusses best practices shown by AMCs to ensure compliance on the state and federal level.
Mortgage lenders can more effectively comply with regulatory requirements while eliminating expensive appraisal management overhead by utilizing Accurate Group’s managed services, the Cleveland-based firm said in a news release. The turnkey solution combines technology, proven processes, a certified compliance review panel and a national network of appraisers and can be up and running quickly.
