When an institution outsources any part of the collateral valuation function, it should be able to demonstrate that its policies and procedures establish effective internal controls to monitor and periodically assess the collateral valuation functions performed by a third party. Guidance makes navigating compliance issues simple.
Our simple and intuitive report formats allow client’s to quickly determine the results of a desktop appraisal review. If a client wishes to communicate the requested revisions with the appraiser, the last page of the review is formatted to submit to the appraiser. If the client wishes for us to communicate the results with the appraiser we can facilitate the revisions and return the revised report and passing review to the client.
With our proprietary appraiser scorecard on file, our clients approach audits and examinations with confidence. Upon completion of an appraisal review, we score the quality of the appraisal report as well as any interactions with the appraiser. On a quarterly basis, we compile the results and submit the scorecard to clients which allows them to quickly assess the quality of their approved appraisal panel. Clients benefit from the documentation added to their risk management process.
Consistent with safe and sound practices, we provide financial institutions with a written contract that clearly defines each of our expectations and obligations, which includes compliance with their appraisal policies and consistent with supervisory guidance from the FDIC.