Comergence has announced the launch of its due diligence and surveillance service for the appraisal industry called Eagle Eye, a powerful new solution for the management of background checks on appraisers. Comergence has simplified and lowered the expense of the appraiser due diligence process by providing lenders and appraisal management companies (AMCs) with a system that will allow them to make more informed decisions on the appraisers with whom they are doing business. Eagle Eye also provides constant surveillance for compliance regulations and sends alerts to all clients related to the appraiser.
“At the request of our lender clients, we’ve extended our third party originator compliance service to the appraiser,” said Greg Schroeder, president of Comergence. “More and more lenders are requiring AMCs that they entrust with the order of their appraisals to perform a thorough background check on these appraisers. The management of this process is a huge task for most AMCs and lenders."
Eagle Eye spreads the burden of costs out amongst all subscribers, bringing them down to a minimum, but with better information than most could aggregate on their own. The Eagle Eye system optimizes the process of aggregating appraiser data into a central repository. For appraisers, Comergence can help them obtain more orders from AMCs and lenders. Once an appraiser is approved by an AMC or lender, their profile is kept current and available for quick approval by all other AMCs and lenders in the Comergence consortium. An appraiser can apply to other AMCs and lenders as many times as needed with a few clicks of the mouse. Comergence also uploads and stores appraiser information electronically in the cloud, which keeps all of personal data far more secure than sending applications by courier, mail or fax, where applications can sit for hours before being picked up or stolen.
Comergence makes applying to multiple AMCs and lenders easier and far more secure, and make everyone’s job easer and more fail-safe by greatly facilitating the filing and storage of documents and even sending out missing item reminders.