In this article, we’ll delve into the world of AMCs, discussing their purpose and core functions. Then, we’ll unveil how streamlined AMC processes help lenders stay ahead of the competition.
What is an AMC Appraisal?
Appraisal management companies act as intermediaries between valuation professionals and lenders. Lenders turn to AMCs to provide quality property valuations through various services, including:
- Selecting verified appraisers
- Overseeing valuations & processes
- Ensuring regulatory compliance
- Providing unbiased reporting
AMCs recruit, train, and supervise a team of highly qualified valuation and industry experts, such as real estate brokers, agents, appraisers, and reviewers. By providing an independent approach, AMC appraisal management companies maintain the integrity and accuracy of property valuations.
How AMCs Select & Vet Appraisers
While each vetting and selection process differs in some way, some of the key factors and considerations when selecting an AMC processor include:
- License level
- Appraisal history & quality
- Local experience
- Availability
- Workloads & capacity
By carefully selecting and vetting appraisers, AMCs can ensure that the right appraiser is assigned to each project. This appraiser must have the availability, local knowledge, and skills to provide an accurate and reliable appraisal.
Why AMC Processes are Important
- Following established appraisal guidelines, such as the Uniform Standards of Professional Appraisal Practices (USPAP).
- Reviewing each appraisal report to verify compliance, accuracy, and adherence to regulatory guidelines before submission to clients.
- Facilitating the completion and delivery of appraisals to ensure timely and accurate reporting.
How AMC Processes Benefit Lenders
Working with an AMC with proven, uniform processes offers several benefits to lenders, including:
Quality Control & Compliance Adherence
As mentioned, AMC processes are designed to adhere to all federal and state appraisal guidelines. Each appraisal completed by an AMC processor is subject to rigorous review procedures to ensure quality while free of bias and meeting all industry benchmarks. Quality control processes include reviewing data, photos, and supporting documentation, guaranteeing accuracy.
Additionally, when an AMC conducts a property valuation, it relies on local valuation professionals, which ensures appraisals reflect true market conditions. By outsourcing appraisals to AMC management, lenders can minimize underwriting times while enhancing appraisal accuracy and compliance.
Access to A Network of Verified Professionals
Lenders recognize the challenges of finding quality valuation experts with adequate time and availability within a particular market. AMCs eliminate these challenges by unlocking a fully licensed network of verified, vetted valuation professionals. With such a robust network of appraisers, brokers, and other industry experts, partnering with top appraisal management companies gives lenders peace of mind that they’re receiving reliable, available, and local experts to appraise their property.
Optimized Workflows
AMCs streamline the property valuation process for lenders, eliminating many of the costly and time-consuming challenges associated with appraisal workflows. By outsourcing AMC processes, lenders gain the structure, and expertise that a dedicated appraisal organization provides. Best of all, most AMC processes take only a couple of hours to complete.
By taking on all administrative oversight of appraisal processes, AMCs relieve lenders of the burdens of screening, selecting, and onboarding independent appraisers as well as conducting audits for certifications, licenses, and insurance coverages. Rigorous vetting procedures and structured quality control expedite the entire appraisal process, saving lenders time, money, and resources.
Innovative Tools & Technology
Top appraisal management companies are forward-thinking, integrating the latest innovative solutions into their experiences. Some emerging technologies disrupting and enhancing the AMC process and markets include:
- Bias detection tools
- Data standardization technology
- AI & ML integrations for predictive analytics
- Virtual & hybrid inspections and appraisals
With the latest innovations at their disposal, leading AMCs offer further opportunities in optimization, customer experiences, and money savings. This enables lenders to focus more time and resources on borrowers and branding.
Finding a Top AMC Appraisal Management Company
Partnering with an AMC offers a plethora of advantages for lenders. From ensuring accurate and timely appraisal delivery to guaranteed state and federal compliance, AMC processes give lenders the structure and expert touch to help minimize risks and errors and streamline valuation processes. This all leads to confidence and peace of mind.
Tamarisk Appraisals equips lenders with a wide network of vetted and verified valuation professionals for residential appraisal services. We’ve established ourselves as a trusted name within the appraisal industry by holding ourselves to the highest standards. That is why we guarantee our quality standards, providing thorough and compliant services from beginning to end.
Tamarisk’s services:
- Are available in all 50 states with experienced and local valuation experts throughout the country.
- Offer residential appraisal services for single-family homes, multi-family residences, condos, vacant lots, duplexes, lakefront homes, ranches, and more.
- Provide a free upfront estimate for your unique appraisal needs.
If you’re looking to optimize your lending processes by streamlining valuations and acquiring reliable and accurate AMC processes, speak with a Tamarisk team member today. Call (800) 607-9925 to learn more about our AMC services.
