The program can also be used to ensure the quality of appraisals for regulatory compliance, quality assurance and pre-funding loan review, the company claims.
"Many appraisal management companies (AMCs) and banks are not aware of the Texas Law requiring minimum independent compliance reviews on appraisals performed by AMCs or the deadline by which these must occur," says Tony Pistilli, chief appraiser at Axios. ‘We are making a big push to ensure that our clients and the industry are educated on these constantly changing rules.’
‘The price for noncompliance is high,’ Pistilli adds. ‘The Texas Appraiser Licensing and Certification Board (TALCB) may seek disciplinary action, including suspension or revocation of their license and an administrative penalty of up to $10,000. Our goal is to make sure everyone is aware and taking the appropriate steps to comply.’
‘Each AMC is responsible for having reviews on a portion of the appraisal reports produced by them annually,’ he explains. ‘The reviews must be performed by a Texas licensed appraiser with access to local MLS data. The state of Texas requires these types of reviews; however, many states are considering similar rules.’
Pistilli says Axios ‘has integrated with local MLS data’ across the state to ‘automatically and systemically validate the significant characteristics of the subject and comparables on every regulatory review.’