LRES Offers Free White Paper on AMCs
LRES has announced that it is offering a free white paper, “Appraisal Management Company Best Practices,” available for download on its Web site.
This new white paper offers financial institutions, lenders, servicers and investors insight for choosing a third-party collateral valuation provider by assessing how thoroughly an AMC manages compliance. LRES’ new white paper discusses how all AMCs should have a highly detailed compliance process in place to meet federal, state and investor requirements.
The white paper proposes AMCs employ knowledgeable and experienced compliance managers to oversee the compliance process in order to prevent and avoid heavy penalties for the lenders. In addition, the white paper suggests AMCs deploy practices such as establishing a monitoring process for appraisal rules changes, establishing clear procedures for communication between parties and creating a company culture to include additional compliance training.
“Our new white paper discusses best practices shown by AMCs to ensure compliance on the state and federal level,” said Roger Beane, LRES founder and CEO. “It is critical for lenders and servicers to know exactly how an AMC meets these regulations in order to make an informed decision regarding a long-term successful partnership.”