AMC VS. Panel of Appraisers-please give feedback!

[BRCJR]

I manage the panel of appraisers (approximately 250) for my employer, a community bank.

1. We know the appraiser and their area of coverage, as well as their property type expertise.

2. They know their report will be reviewed in detail.

3. We pay their full fee so long as it is reasonable, for the complexity of the assignment, without question.

4. We do not tell them what their turn time is. We do expect a reasonable turn time for the complexity of the assignment.

5. We expect and demand quality work and they know it up front. We want to make loan decisions based on the best data available to us.

6. Our business model is not "cheap and fast" and do not expect an appraisers' business model to be one either.

I could go on and on, as I am pro in-house appraisal management.

 

[Meandering]

posted thoughtful commentary on livevalmag regarding the benefits of in house vs AMC. They proceeded to censor and delete all my posts.

Is it owned by........ The Joan?

This is reason enough not to read whatever they print. It is unreliable.

 

[Mile High Trout]

Good points. I would only add that having direct communication with appraisers for early resolution of any problems, corrections or other issues rather than having to go through a third party who prohibits direct communication with the lender is a benefit that is hard to beat.

Hi Don. You should not "only add" that point. I missed that one and it's the #1 point! Great catch.

In house is the wave of the future - get with it.