Federal Compliance: In 2010, new regulations were introduced called the 2010 Inter-Agency Appraisal & Evaluation Guidelines or “IAG”. These new regulations not only reaffirmed the separation of the appraisal order management process from loan production, but also highlighted the importance of an Appraisal Review Process.<\/p>\n\t\t\t
In 2010, new regulations were introduced called the 2010 Inter-Agency Appraisal & Evaluation Guidelines or “IAG”. These new regulations not only reaffirmed the separation of the appraisal order management process from loan production, but also highlighted the importance of an Appraisal Review Process.<\/p>\n
THE DODD-FRANK ACT, FEDERAL RESERVE INTERIM FINAL RULE
Since July of 2010, when the Dodd-Frank Act was signed into law, awareness of appraisal management companies has grown, especially among community bankers who really had not heard about AMCs before that point.<\/p>\n
The Dodd-Frank Act and the Federal Reserve Interim Final Rule set up a Consumer Complaint Hotline, which includes complaints made against the mortgage lending process. In addition, paying the local appraiser the “customary and reasonable” appraisal fee has become law, with the community lender responsible if their vendor (AMC) does not comply. This is why it’s crucial to work with a trusted appraisal management company.<\/p>\n
A FOCUS ON INDEPENDENCE BETWEEN LENDING & APPRAISING An AMC acts as an essential intermediary within the real estate appraisal process. We manage the relationship between appraisers and lenders, thereby providing a critical layer of compliance, efficiency, and value.\u00a0 We engage, oversee, and work closely with certified and experienced appraisers to ensure reliable, unbiased, and compliant appraisal reports.<\/p>\n The role of an AMC is particularly vital in the real estate transaction ecosystem, ensuring that both lending institutions and borrowers can rely on impartial, professional appraisals that comply with all federal and state regulations.<\/p>\n\t\t Opting for an AMC like Fastapp offers significant value and convenience compared to independent appraisal services. With Fastapp, you access a network of vetted appraisers, ensuring consistent, high-quality services. We manage the entire appraisal process, staying current with regulations, ensuring quality control, and saving you time and resources. Therefore, with Fastapp, you receive not just expert appraisal services but also peace of mind, as we handle every detail with utmost quality and compliance.<\/p>\n\t\t\t
One of the primary outcomes of this new legislation were new requirements strongly encouraging financial institutions to make lending operations and valuation processes independent of each other to avoid illegal activity. This is one of the primary areas AMCs can assist with, but there are many other benefits of teaming up with an appraisal management company.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tLearn More\n\t\t<\/a>\n\t\t\tWhat is An Appraisal Management Company (AMC)?<\/h2>\t\t\t\n\t\t\t\t
Key Difference<\/h3>\t\t\t\n\t\t\t\t
Get Started with Fastapp Today<\/h2>\t\t\t\n\t\t\t\t