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InHouse to Offer Appraiser Credentials Management

NationalMortgageProfessional.com
Mar 28, 2011

InHouse Inc., an appraisal management company (AMC) and provider of appraiser management technology for banks, lenders, servicers, credit unions and other mortgage originators, has announced that its Connexions appraisal management system now offers a new feature for managing appraiser credentials and ensuring credential compliance. Lenders and servicers can order the new option for any appraisal with the click of a mouse at minimal cost. Lenders and servicers face layers of new regulations under the Dodd-Frank Act appraiser independence rule, federal interagency guidelines and new state appraiser and AMC licensing requirements, making compliant management of appraiser credentials critical when any violation can result in stiff civil fines. It takes time and effort to gauge if appraisers around the country are appropriately credentialed for the type of appraisal or valuation work ordered, and not all AMCs are licensed to do business in every state. InHouse’s credential management feature automatically verifies an appraiser’s licensing credentials with the National Registry of State Certified and Licensed Appraisers. In addition, it allows the assignment of an AMC that is properly licensed in the state in which an appraisal has been ordered through its services. The new Connexions feature tracks an appraiser’s errors and omissions and license status for lenders and servicers, and will automatically notify appraisers on the InHouse platform when their license is expiring or if it has already expired. With the credential management feature, no orders will be placed with an appraiser or AMC that does not have the appropriate credentials for the type of appraisal or broker price opinion. The new credential option costs only $5 per appraisal ordered, reducing appraisal coordinator overhead for lenders. “Especially for lenders self-managing their appraisers and AMCs, the Connexions platform can reliably manage their compliance with state and federal appraiser credential guidelines,” said Jennifer Creech, president of InHouse. “Not every state has the same licensing requirements for the same scope of work. For example, real estate sales persons cannot complete a BPO in the state of Michigan.” InHouse’s Connexions platform gives financial institutions the freedom and agility to run the appraisal process in any way that works best for them, from self managing their appraiser panels, working with multiple AMCs, to a combination of both self-management and AMC outsourcing.
Published
Mar 28, 2011
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