Having the right Appraisal Management Company can be a valuable asset for lenders. Here are 8 reasons that explain “Why Choosing a Good Appraisal Management Company is Important!”
Why Is it Important to choose a Quality AMC?
1. Good AMC’s help ensure quality appraisals and prevent conflict-of-interest issues
2. Good AMC’s help lenders find appraisers quickly
3. AMC’s guarantee quality work by following strict standards and policies
4. AMC’s manage deadlines and handle any issues that may come up
5. AMC’s track the performance of appraisers and the quality of their work
6. AMC’s offer a secure and efficient appraisal review process
7. AMC’s help lenders maintain accurate records of appraisal order’s
8. AMC’s follow Federal, state and industry specific guidelines that reduce cost/time from their clients
AMC workers follow all legal laws concerning privacy rights, copyright protections, confidentiality issues, conflict of interest, etc. This ensures that any sensitive information being sent is secure at all times. This also creates a greater sense of trust between everyone involved in order to ensure smooth transactions moving forward!
1. Good AMC’s help ensure quality appraisals and prevent conflict-of-interest issues
Ensuring that the assigned appraiser is highly qualified and an expert in that particular market/county will provide a better appraisal report. Appraisal management companies ensure that the process of assigning an appraiser with no previous ties to anyone is maintained for an unbiased appraisal. This prevents any conflict of interest from occurring. Furthermore, Members Appraisal Management has strict, three tier, quality control review process once each report is received to ensure there are no errors that may affect the value. This cuts down on the time it takes for the underwriter to find any errors and request a revision. By finding these small mistakes early, much time can be saved.
2. Good AMC’s help lenders find appraisers quickly.
AMCs streamline the time it takes for a lender to get an appraisal assigned to a qualified appraiser. The AMC will not only screen potential candidates, but also have great knowledge of which appraisers on their panel cover rural properties, and which appraisers are most adept at appraising complex properties for the minimum fee and turn time. This saves everyone valuable time which can mean the difference between meeting difficult deadlines and not being able to complete an appraisal at all! We utilize our expert and knowledgeable network of appraisers to help our lenders meet due date deadlines.
3. AMC’s guarantee quality work by following strict standards and policies
MAM guarantees quality work by following strict standards and policies, company charter, regulations, state laws, and ethical codes of conduct when managing and submitting appraisal orders. This ensures that the process runs smoothly by hiring experienced appraisers who can produce accurate and reliable appraisal reports while cutting out any potential violations.
4. AMC’s manage deadlines and handle problems
Members Appraisal Management handles problems to ensure appraisers hit their deadlines and submit quality appraisal reports. Since they act as the liaison between lenders, property managers, and appraisers, they handle the entire process once the order is placed, communicating with all parties involved to ensure compliance and can set proper expectations. Understanding the appraisal process and knowing how long an appraisal takes each step of the way is crucial when an appraisal management company is managing deadlines. A well-managed AMC will only work with a panel of approved appraisers who they know they can count on to get the reports submitted on time and with a level of quality that will meet expectations.
4. AMC’s help create consistency in the appraisal process
Quality AMC’s help to create consistency in the appraisal process because they oversee and manage it from beginning to end. Lenders come to know that a well-managed AMC follows very specific processes every day to ensure consistent quality. This ensures that everyone involved is on task and completing their part of the process as quickly as possible while following government policies and high-quality requirements.
5. AMC’s track the performance of appraisers and the quality of their work.
By tracking the performance of appraisers and their work quality, AMC’s maintain strong appraisal networks. This means that whenever a lender or property manager needs an appraisal, they can count on the AMC to provide the best available options for them. The AMC will build a relationship with their panel of appraisers and come to know what to expect of them and how to assign order’s where the lender would take much longer to find an acceptable appraiser forcing them to push due dates and miss appraisal or rate lock deadlines.
6. AMC’s offer a secure and efficient appraisal review process
AMC’s offer a secure and efficient appraisal review process using an internal system of checks and balances: first, the AMC conducts a preliminary evaluation of appraisals to ensure accuracy and compliance based on the standards and policies. Then, a staff appraiser will review the appraisal in a second level of quality to control to ensure accuracy. Finally, the client support managers are always on the lookout for any further revisions from the underwriter or lender and will review them and submit them to the appraiser. The AMC also confirms the license and insurance from each appraiser for every report.
7. AMC’s help lenders maintain accurate records of appraisal orders
AMC’s help lenders, brokers and property managers maintain accurate appraisal records for every assignment so lenders can file them easily and quickly when needed for secondary review or audits. There is always a full audit trail for every report Members Appraisal Management provides to the lender.
8. AMC’s follow legal guidelines to protect appraisers’ work product
An appraisal management company’s greatest benefit is its ability to create consistency in the appraisal process for everyone involved. Appraisers become more efficient with the AMC’s help, and lenders can get appraisal order’s assigned quickly while relying on the AMC’s knowledge of the appraiser’s competency, without all the redundant work of screening the appraiser themselves. Finally, AMC’s make sure that deadlines are met and that appraisals meet state/federal requirements. They also offer a secure and efficient appraisal review process while following all legal guidelines to protect the privacy and security of their clients. Keep in mind the 7 things to look for when hiring an appraisal management company in addition to these 8 reasons that answer the question “Why Choosing a Good Appraisal Management Company is Important!” to ensure that you have all of the research you need to make an informed decision.
The Best Appraisal Management Companies have Great Reviews
It is easy to identify the best AMC’s by looking at their reviews. They will have excellent reviews from lenders, appraiser’s and clients Please check out our reviews on Google.
Why Choosing a Good Appraisal Management Company is Important? Because We Streamline Everything!
If you have any questions about appraisal management companies, let’s start a discussion! Our mission here at Members Appraisal Management is to provide homeowners with accurate appraisals for their mortgages in a streamlined process. We are always available to answer any questions you may have!
