On Monday, June 26, 2017 the Appraisal Institute’s Northern California Chapter hosted an educational seminar in Oakland, CA, with Lee Kennedy as an invited expert. The panel was moderated by Paul E. Chandler, MAI, and Lee’s co-panelists were Michael Simmons of AXIS Appraisal Management and Todd Krell of CrossCheck Compliance. The topic of this educational session was Third Party Vendors, Tools and Compliance: The Role of AMCs and AVMs in the Appraisal Process. The panel was part of the Commercial and Residential Symposium entitled The Role of Valuation Experts in the Current Regulatory Environment and provided both state (7hrs) and Appraisal Institute Continuing Education.
Synopsis:
Appraiser and Appraisal Management is at the heart of quality loan production. How does a lender know it is using competent appraisers providing quality reports? Policies for the empanelment of appraisers, procurement of vendors and review and quality control of assignments must be documented, managed and audited. An expanding selection of data and technology options are available to lenders to manage all aspects of collateral due diligence. Tools include fully integrated loan origination systems, appraisal management platforms and robust data and review tools. This session will review how to find, screen and manage different third party providers, including AMCS, AVM sellers and QA compliance firms.
- AVM Cascades and Their Applicable Uses
- Commercially Available AVMs
- Big Data Solutions
- AMC Onboarding Check List
- Third Party Oversight
- AMC Auditing
- Quality Assurance Testing
- Performance Monitoring