Oxford AMC is a different kind of appraisal management company. For starters, we don’t just manage the appraisal process from beginning to end, we also take the time to build a personal relationship with our appraisal partners, lenders, and clients while helping them grow their business. Our reviewers are also independent. We do not have an affiliated brokerage, which means no conflict of interest and ensures a competent and quality relationship with our lending partners.
Appraiser independence appears poised to stick around for the long term. Mortgage brokers (that is, lenders) can use this to their advantage by working with AMCs that assure only the highest-quality, independent appraisal management and delivery.
By looking more closely at AMCs and how they choose to operate, lenders can reduce their exposure to risk, provide clients better service and maintain regulatory compliance. Here’s how we at Oxford retain competent and quality relationships with our partners.
Fundamentals for Building Competency
Remain Independent
It’s important for AMCs to remove financial incentives to utilize more qualified candidates and appraisers and to remove competition when it comes to bidding for local projects. At Oxford AMC, our reviews always remain independent. We do not have a specific, affiliated brokerage, which means no conflict of interest, and our reviewers do not compete for local assignments.
Practice Compliance
In order to remain compliant, an AMC should develop applicable and uniform laws, rules, and regulations at both the state and federal levels.
At Oxford, our compliance team comprised of appraisers and experienced members review all appraisers’ qualifications (regarding a specific project) and decide if the appraiser is competent enough to serve on our of MAI-designated advisors. We also build preferred panels to ensure service and quality expectations are met.
Oxford assignments are always based on geographic competency to help ensure those selected are optimally located, extremely experienced, and exceptionally knowledgeable. This results in delivering the highest quality appraisal reports with quickest turn times in the industry.
In addition, we perform routine compliance checks to ensure our appraisers are meeting our service and quality expectations as well as maintaining eligibility with investors, state, and federal agencies.
Keep Communication Fluid
Oxford professionals communicate every phase of the appraisal order to the appropriate parties, including lenders and/or mortgage brokers. Most importantly, we also reach out to all parties involved throughout the process to ensure timelines are not jeopardized. This is a key to our success.
Professional lenders will not remain long with an AMC where they do not enjoy a good relationship. Like all relationships, they must be built on frequent and clear communication from each party. The result is dedicated, loyal AMC-lender relationships that reach successful ends and means.
Identifying Quality AMCs
Lenders benefit when they make informed decisions on working with high-quality AMCs.
One-Stop Shopping
Quality AMCs provide a one-stop solution for appraiser management, coverage, dedicated support staffs, and experienced reviewers. In addition, AMCs should work with the best independent appraiser partners throughout the country by adhering to strict appraiser-evaluation models. Finally, they should do all of this at a competitive price that’s also attractive to the mortgage brokering industry.
Staying Secure
In general, AMCs should insulate the valuation process from collusion, fraud, and substandard valuations. They also should allow mortgage brokers to focus on their primary business of helping consumers secure the most appropriate mortgage.
High-quality AMCs should always provide exceptional customer service, along with nationwide coverage to those who need it. The best AMCs provide dedicated, client-specific service teams that work hard to manage the appraisal process from order until delivery and beyond. Client-service teams, like the group of experts at Oxford AMC, should have extensive backgrounds in real estate, mortgage lending, loan processing, and the appraisal process.
Flex Quality Control
Top-notch and trusted AMCs like Oxford dedicate substantial resources to quality control and quality assurance and help ensure the delivery of quality appraisal reports the first time.
A quality AMC should work hard to solicit the services of only the best appraisers.
5 Steps for Lenders to Ensure Quality AMCs
Lenders looking to work with both competent and quality AMCs can take the following five steps to ensure that they are doing so:
- Confirm the AMChas a solid track record with other lenders and brokers. There is no better way to evaluate future success than to speak with references
- Make certain the AMC employsa leadership and management team with industry experience
- Ask detailed questionsabout the AMC’s quality-control process. If an AMC can’t verify that it has an internal review team, the lender might not be working with the right company. In addition, the review process should be straightforward and understood easily
- Review the AMC’s procedurefor adding appraisers to its network and assigning jobs. Some AMCs assign appraisal work to the lowest-bidding appraiser, often the least-desired and lowest-qualified
- Find out how the AMC addressedHVCC and the FHA’s appraisal-independence policy. A truly qualified AMC will have a clear internal policy. This should be straightforward and should detail how the company addresses regulatory guidelines. Your review of this document should verify that the AMC understands and complies with policies and regulations
It’s no wonder why Oxford Appraisal Management is the preferred AMC – from the beginning, Oxford has been committed to three core principles (expertise, service, and independence) and these principles continue to guide the firm today.
Our lending partners can trust that we’ll provide them with great service and ensure their appraisals are compliant and returned on time. Let us prove that you can too: Reach out to the experts at Oxford AMC today to learn more!