We have a department dedicated to Vendor Management and tasked with bridging strong relationships with appraisers nationwide. This requires a delicate balance of vetting, communication and ongoing scorecarding for each assignment that goes out to the field. For more on Vendor Management, we have provided the below topics.
- Historic Past Performance
- Certification and Licensure
- Market Coverage and Distance Tolerance;
- Quality Ranking, including Communication and Revision Request Scores
- Turn Time; and
- Borrower Experience Post-Inspection Survey
See our Scorecarding and Appraiser Profile examples here.
Prior to accepting an assignment, an appraiser must have the knowledge and experience to complete the assignment competently. All appraisal assignments include an agreement within the engagement letter attesting that the appraiser has the geographical competency to complete the assignment. In the event that they are not competent, the appraiser will notify their workflow coordinator before proceeding. In those instances the assignment is reassigned to a qualified local appraiser to ensure development of credible assignment results.
(i) appraisers address of record is mapped within our AMS technology by miles distance in a beeline to the subject property.
(ii) The Appraisers profile also notes the specific number of assignments by product and zip code within the previous 12 months.
(iii) Within the supplemental addendum appraisers are required to state which data sources they have access to and utilized. Several of our clients request that the appraisers be required to make as part of their report or provide separately an MLS print out for each comp used in report as well as a list or Market Report showing recent sales/stats in the area.
Recruitment is ongoing and a permanent practice for Valued Veterans to identify quality panel appraisers. Candidates are engaged by surveying local markets, interested partners, client recommendations, lists of active and in good standing appraiser from the Appraisal Subcommittee and various online search tools. The quality and work ethic of candidates is then investigated. Once vendors have passed our preliminary process and selection they then are once again surveyed on individual client and product requirements. Finally selected vendors are required to execute an SLA and participate in a regulatory background check screening.
Appraiser Application Criteria.
- Proof of Valid, active and in good standings state license
- Appropriate individual E&O insurance, policy in place and completion of a related questionnaire
- Background check completed
- Minimum of three sample reports for assignment types interested in receiving
- Coverage areas identified by zip code
- Acceptable work product reviewed by one of our in house appraisers
- Current professional resume
Upon receipt of a submitted report to our QC team, appraisers receive a scorecard rating, based on their timeliness, quality of product, professional candor and other factors. The results of each review are saved in the appraiser rating section of the appraiser profile. Appraiser ratings are checked on a bi-weekly basis by the internal QC manager. (See Attached Sample)
The panel appraisers are also internally audited on a percentage basis. This is also a tool used to identify any errors missed during the pre-audit process. If additional items are found during the audit, the panel appraiser is notified utilizing the negative score card template (which is saved to their profile). The appraiser is notified utilizing the positive score card template (which is saved to their profile) if there are no errors discovered during the audit.
The QC manager formally notifies the appraiser that they have been placed on probation and that additional training must be completed prior to withdrawal of the probationary status. The appraisers profile is restricted to zero orders per day until additional training has been documented. Upon documented completion of the training, the appraisers profile is limited to a limited threshold of orders per day, which is dependent on the severity of the issues identified in the audit. All assignments during the probationary period are escalated to the QC manager for review and additional feedback is provided to the appraiser. If the appraisers quality improves and the appraiser rating rises above the minimum 80 percent within the specified probationary period, the appraiser is notified that their probationary status has been lifted and the assignment restriction is removed. If the appraiser continues to have quality issues, additional training and an extension of the probationary period is communicated to the appraiser.
Questions? Let us help!
10649 Lackman Road
Lenexa, KS 66219
Appraiser Questions: email@example.com
Client Questions: firstname.lastname@example.org