Six Steps to a top Quality Appraisal
Our rigorous selection process allows us to work with the very best. We educate and coach our appraisers, pay them well and treat them like the professionals they are. Ask any appraiser about their experience with Nationwide Appraisal Network and you will see firsthand how we value our appraiser relationships. Request access to our Compliance Portal for a full review of our Vendor Approval policy
We recognize the importance of establishing criteria and procedures to monitor and evaluate the ongoing performance of our licensed appraisal panels to deliver a professional, timely and quality experience to the borrower and a superior end product to the client. To achieve this objective we have instituted and continually enforce consistent protocols for supervising the performance of our appraisal panels. We’ve defined measures for implementing necessary disciplinary actions to ensure the highest level of quality and compliance from our appraisers.
When selecting an appraiser for an assignment, it’s crucial they have experience and competency with that type of property in that market. This means knowing your appraisers and selecting based on the right criteria.. We recognize the Dodd-Frank Act, Appraiser Independence Requirements, and other regulatory requirements and ensure each assignment must be completed by a geographically competent appraiser, selected independently of the loan production staff, and paid a customary and reasonable fee. Request access to our Compliance Portal for a full review of our Appraiser Selection policy
Every quality control specialist, review department team lead, supervisor and client relations manager undergoes regular USPAP training and testing to ensure we are reviewing appraisals and answering questions in accordance with the most recent requirements. Our review department is also led by our Director of Quality Assurance and Compliance. Meet our wonderful quality control team above!
Our quality control specialists use the Interactive Automated Appraisal Review tool report which allows us to understand the details behind each score. We can access the root of any issue with one or two clicks, and cross-reference the information on the appraisal with public and published data that either supports or contradicts it. The bottom line is that we can take action to correct or address any issues, even those that are unique to our clients, before ever delivering the appraisal.
Once the appraisal has gone through the proper review process, we have a clear process in place that allows the appraiser to review and address material deficiencies or additional information to be considered. We also have a clearly written policy on appraisal disputes from lenders. This policy can be found in our compliance portal and is designed to operate effectively while maintaining compliance with the Appraiser Independence Requirement. Request access to our Compliance Portal to review NAN policies today!