AIMSdashboard has released the latest version of its Web-based Appraisal Independence Management System (AIMS), featuring several compliance-focused additions. AIMS 4.4 will promote lender compliance with the appraisal independence requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), Federal Housing Administration (FHA) Mortgagee Letter 09-28, Federal Financial Institutions Examination Council (FFIEC) and the Home Valuation Code of Conduct (HVCC). AIMS 4.4 further automates several elements of appraisal operations, smoothing lender-appraiser interaction during appraisal production.
“Lenders are seeking more oversight in the appraisal process, which may appear to conflict with appraisal independence requirements” said Chris Williams, president and chief technology officer for AIMSdashboard. “AIMS 4.4 strikes a balance between the requirement of appraisal independence and lender process oversight. The two seemingly opposed qualities can be achieved through the use of software, eliminating dependence on third party appraisal management companies.”
AIMS 4.4 delivers several new elements designed to restore efficiencies to the entire process, including:
►An automatic engagement letter from the lender, which allows appraisers to accept or reject the lender’s assignment within the framework of the system.
►Automatically-generated questionnaire addressing USPAP competency affirmation and ethics rule disclosure for each appraisal assignment, allowing the lender to actively manage the process where an appraiser’s response merits further consideration.
►Introduction of Appraiser Administrators, providing increased efficiency through the performance of administrative functions (appraisal status updates, document download/upload), especially while appraisers are busy performing “field inspections.”
According to Williams, the new features amount to real time status updates for the lender and originator, as well as faster delivery of any appraisal-related notifications necessary for the Real Estate Settlement Procedures Act (RESPA) compliance.
“More than ever, mortgage originators are looking for ways to regain efficiency in the valuation process without sacrificing accuracy,” said Williams. “AIMS has always focused on maintaining conformity with the variety of appraisal independence standards. AIMS 4.4 will make that process even faster and smoother without sacrificing business controls.”
For more information, visit www.AIMSdashboard.com.