From cutting-edge technology to liability protection, an appraisal management company (AMC) lifts the burden of appraisal management from banks and large lenders. By handling the process from start to finish — including ordering, overseeing and delivering the appraisal report — AMCs allow you to free up resources to focus on what you do best.
AMCs come in all shapes and sizes — from nationwide service providers to regional boutique firms. So, whether you are looking for a large-scale AMC or one that has a point of contact in your area, there are companies that can meet your lending team’s unique needs.
Let’s take a look at five ways working with an AMC can bring value to your lending institution.
Free Up Valuable Resources
As the old saying goes, time is money. Working with an AMC allows your lending institution’s team to save time, energy and money. By taking on the appraisal workload, AMCs free up valuable resources so that your team can focus on bigger and better projects.
Get Support with Administrative Duties
Don’t get bogged down in the details. Full-service AMCs provide administrative support throughout the entire appraisal process. This includes vetting the appraisal panel, auditing licenses and ensuring certifications are up to date, assigning qualified appraisers to requests and managing quality control.
Ensure Compliance with Dodd-Frank Regulations
The Dodd-Frank Act, passed in 2010, requires appraiser independence during the appraisal and valuation process. As an unbiased third party, AMCs are able to facilitate the appraisal reporting process, coordinating with lenders and appraisers independently. This allows appraisers to maintain independence and ensure lenders are staying compliant with federal regulations.
Lower Liability Risks
In addition to helping lenders meet the Dodd-Frank Act requirements, AMCs stay up to date on compliance requirements. With the industry regulations and standards constantly evolving, it can be a major undertaking for lenders to manage in-house appraisal panels. By partnering with an AMC, lenders shift that burden off their team to the appraisal management company.
Access Cutting-Edge Technology
AMCs often invest in advanced technology to make the appraisal management process as seamless as possible for lenders. For example, at Market Valuation Services (MVS), we offer integrations for industry-leading software, such as Encompass 360 and Black Knight, in addition to a customized client portal, real-time appraisal updates and our proprietary valuation software.
If you want to save your team time and money throughout the appraisal management process, partnering with an AMC can bring you the value you’re looking for. There are several options available for lenders, from fully outsourcing the appraisal process to finding a hybrid approach. If you’re ready to learn more, reach out to our team today. We’re here to help you find the best solution for your lending institution.
