Appraisal management company (AMC) StreetLinks Lender Solutions has announced that their AppraiserPlus program continues to experience unprecedented growth and will set the bar for AMC compliance standards as the lending industry settles into 2014’s new regulatory requirements. Initially launched in August of 2013, the AppraiserPlus program significantly enhances the professional partnership between StreetLinks and appraisers by mitigating several common appraiser pain points. AppraiserPlus removes AMC micromanagement and, if the appraiser chooses, provides StreetLinks QX, the company’s automated appraisal review technology, directly to the appraiser’s desktop for added quality and efficiency. ApprasierPlus also provides payment within one day of the property inspection. Since the launch, qualifying appraisers have been accepted into the program daily, resulting in over 50 percent of all StreetLinks appraisal orders being processed through AppraiserPlus.
“[AppraiserPlus] provides us with a robust, configurable quality review component that has truly streamlined our entire QC process,” said John Forsythe, president and CEO of Forsythe Appraisals LLC. “With AppraiserPlus, we field fewer status calls, allowing us to focus on getting orders completed with greater efficiency, higher quality, and reduced turn times, ultimately allowing us to fulfill a higher volume of work.”
"AppraiserPlus is an excellent program that has enabled me to raise the quality of my appraisals, receive more orders from StreetLinks and get paid more rapidly than from any other AMC,” said Tom Riffel of Riffel Appraising Inc.
In addition to the positive feedback from appraisers, StreetLinks’ lender partners continue to benefit from the AppraiserPlus program, experiencing order completion times nearly one full business day faster than the national average turn time. But beyond the increased quality and service levels, lenders gain an added sense of security with the knowledge that they will not be held responsible for an AMC failing to pay the appraiser.
“In recent years, prominent lenders have been left to cover millions of dollars in unpaid appraiser fees,” said StreetLinks Chief Appraiser and SVP of Compliance Mike Floyd. “StreetLinks issues payment to AppraiserPlus appraisers within one business day of completing each inspection, helping lenders eliminate a key financial risk point.”
And as the OCC’s new Third-Party Oversight guidance gains traction, this security will be an important component for lenders. The regulators have made it clear that both bank and non-bank lenders will be held responsible for the actions and compliance of their third-party agents moving forward. This includes appropriate procedures surrounding appraiser compensation, appraiser engagement, appraiser assignment, AMC-to-appraiser communications and how an AMC evaluates appraisers to be included on their panel.
“Between new QM, ECOA and Third-Party Oversight regulations coming into effect, many lenders aren’t prepared for the level of regulatory scrutiny they will face this year,” said Floyd. “Compliance and quality have always been at the top of our priority list as an organization. We’re excited that the AppraiserPlus program is not only enhancing the caliber of our services but will also help our lender and appraiser partners address Third-Party Oversight regulations with greater ease.”
StreetLinks anticipates that they will approve an additional 5,000 AppraiserPlus appraisers in 2014, while respectively increasing the percentage of appraisal orders completed through the program.
