Four Reasons to Outsource Commercial Appraisal Management
Now more than ever, banks and mortgage companies are in constant competition to regulate compliance, amp up the valuation process, and maintain regulations that seem to change with the day. And, for some reason, many of those banks and mortgage companies are still handling their own commercial real estate appraisal management system.
As a result, adhering to regulatory compliance requirements becomes a constant headache – creating a significant and expensive burden for these firms.
Where does the process go wrong?
In a hypothetical situation, let’s say a bank or mortgage company receives bids from three or four commercial appraisers on a given job, and then selects someone to do the appraisal. Once that is complete, it’s then handed over to a firm secretary for review. Now, we don’t mean to knock the secretary, but oftentimes this person (or whomever is dubbed the reviewer), is an under-qualified individual. This is where adhering to regulatory compliance becomes a dangerous and slippery slope into non-compliance.
The complexity of maintaining compliance alone puts a ton of firms in the risky position of being non-compliant.
If you’re a bank or mortgage lender that still manages its own appraisals, don’t kick yourself just yet –you’re definitely not alone. But it’s time to strip your firm of this overhead and the challenges that come with it.
The most effective way to do this is appraisal outsourcing –turning over the appraisal management and compliance process to a trusted expert. The benefits speak for themselves:
1. Save time and money by obtaining an instant expert
Rather than spending time finding, hiring, and training new employees to ensure compliance, partnering with a third-party appraisal management company like Oxford puts you in immediate contact with a trained and trusted expert.
Your firm will directly acquire the manpower and expertise of a fully-staffed appraisal department without incurring the exorbitant up-front and ongoing costs of staffing and managing it themselves.
2. Keep the appraisal outsourcing process simple
We understand that your plate is already always full. That’s why we at Oxford wrap our simple system around your firm’s process to ensure that you – and your regulators – are satisfied. Our six-step process keeps thing streamlined, timely, and simple for you:
1. ORDER an appraisal request through our online portal – available 24/7
2. WE BID out to an appraiser list approved by you
3. YOU SELECT a winning bidder based on your criteria
4. WE ENGAGE the appraiser on your behalf
5. WE MONITOR the appraiser throughout the process
6. WE REVIEW and ensure that the appraisal is for 100 percent compliance
Of course, we keep you updated on any and all progress throughout the process via email. And then, to take it a step further, we will store any and all docs online for you to access over the next five years. Oxford operates on a fully customizable system that is designed around the access and security levels you require. We’ve got you covered!
3. Clear your firm’s mental fog
Oxford’s streamlined and always-accessible online portal improves the processes and keeps you informed – clearing you and your team of the major mental fog and headache that comes with trying to manage your own real estate appraisal process.
As a result, you benefit from greater efficiency, less hassle and continuous compliance. It’s almost a no-brainer! Outsourcing gives you and your firm more time to focus on the core business processes that matter most –client services and growing your mortgage lending and servicing business.
4. Stop getting blindsided
Did you know that more than three-fourths of mortgage execs cite compliance as a top concern? Seriously, a recent survey of senior execs showed that new rules issued by the Office of the Comptroller of the Currency (OCC), Consumer Finance Protection Bureau (CFPB), Federal Reserve and Federal Deposit Insurance Corp (FDIC) have had “significant” impact on their businesses.
So why are banks and mortgage firms still managing their own appraisals?!?!
Stop getting blindsided by ever-changing rules and regs. It’s time to push the process on to someone else – someone who knows what they’re doing, understands the process, and completes the appraisal accurately and efficiently, all while keeping you in the know. You need a company like Oxford Commercial Real Estate Management.
We’re here for you from beginning to end and beyond. In fact, we can also review your existing appraisal policy and conduct annual reviews of your approved appraiser list. We want your firm to succeed and we want to succeed with you. Contact Oxford Commercial Real Estate Management today and let’s get the ball rolling!