Automated USPAP Standard 3 Compliance Tool Launched By Pendo

Posted by Patrick Barnard on March 21, 2017 No Comments
Categories : Residential Mortgage

As part of its quality and compliance efforts, Pendo, a nationwide appraisal management company (AMC), has added an automated Uniform Standards of Professional Appraisal Practice (USPAP) Standard 3 compliance tool to its list of proprietary technology solutions.

The company has also developed an appraiser recruiting tool that helps its dedicated client success team find, track and engage appraisers for traditionally difficult assignments involving unique properties – or properties in high demand or sparsely populated areas.

USPAP Standard 3 “establishes requirements for development and reporting of an appraisal review assignment involving a real property or personal property appraisal,” according to the Appraisal Institute.

Pendo’s proprietary USPAP Standard 3 review tool manages the appraisal review requirements set by each state. It allows the appraiser to look at the original appraisal, along with the review form and supporting market data, all in one view.

The tool also tracks the number of appraisals Pendo has completed in each state and notifies Pendo when it is time to complete more reviews to meet the state AMC requirements.

Housing the reviews and having access to necessary reporting within the tool satisfies the requirements for each state while automating the process and ensuring each appraisal is compliant, Pendo says in a release.

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