Pro-Teck Fields AMC Questions

Posted by Orb Staff on August 03, 2009 No Comments
Categories : Residential Mortgage

ollow-up to the response garnered by a press release last month about the Home Valuation Code of Conduct (HVCC), Waltham, Mass.-based [link=http://pro-teck.com/][u]Pro-Teck Valuation Services[/u][/link] has released new comments on what lenders should expect from appraisal management companies (AMCs). ‘Independent appraisers, mortgage brokers, loan originators and servicers have been flooding us with questions regarding our people, processes and priorities in the marketplace," according to Pro-Teck, which, in its new press statementm updates the mortgage industry on the company's own policies. One of the most common knocks against AMCs is that their appraisers are too often not located near the properties for which they provide valuations. While policies and procedures differ among AMCs, Pro-Teck says all of the appraisers in its vendor network work in their local marketplace. "Pro-Teck scores appraisers for each assignment, with proximity to subject property being a top criterion along with quality score for past appraisals," the company says. "Since local appraisers know their local marketplace and can be more cost-competitive with local work, it just makes good business sense to use the local appraiser. In its question-and-answer release, Pro-Teck also defines realistic appraisal turn times, saying an appraiser should be given two business days from the date of inspection to produce a final report. "This time frame allows for a quality review and correction of any quality issues and delivery of a final product to the client," the company comments. "Part of the issue may be that the market desires appraisal reports that have been through a quality control process, so appraisers have to adjust to the fact that reports will be reviewed and cannot languish in a production queue." SOURCE: [link=http://pro-teck.com/]Pro-Teck

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