18 Jan Why You Need To Partner With An Appraisal Management Company
Appraisal Management and valuation is major consideration for any business that is looking to purchase or sell property. Typically speaking, the mortgage lending industry uses appraisal management companies to ensure they receive appraisals compliant with USPAP (Uniform Standards of Professional Appraisal Practice), as well as ensuring there is no conflict of interest between the appraiser and either party involved in the transaction process.
As a nationwide appraisal management company, our team of professionals at Arivs is committed to delivering comprehensive solutions that will help you stay compliant and secure accurate valuations. Read on to learn more about the perks that come when partnering with an appraisal management company.
Staying Compliant & Eliminating Risk
This one is pivotal. Lending practices need to stay compliant with federal regulations. Keeping up with these lists of regulations can be a challenging task to endure on your own, when you partner with an appraisal management company they can shoulder many of the responsibilities. They will take on issues that relate to compliance and liability protection, staying up to date with essential requirements, and abiding by any strict protocols that are imposed.
Freeing Up The Resources Of Your Team
When administrative and technical responsibilities are taken off your plate, it will allow your team to focus on the tasks that really matter. A nationwide appraisal management company like Arivs will keep things professional and will handle the smaller tasks, to ensure that the appraisal process is running smoothly. Appraisal outsourcing frees up the time to take on larger priorities within your organization.
The Relationship Between AMC’s And Appraisers
AMC’s build and foster relationships with top-rated appraisers, which guarantees that you receive accurate and efficient appraisals. When you partner with an appraisal management company, they can have approved appraisal panels and contract vetted appraisers who have shown that they are reliable.
Cutting Down On Costs
When outsourcing appraisals to a third party, lenders can save money on fixed costs that include payroll and staffing. Instead of hiring additional appraisers and reviewers in house, AMCs come equipped with a high amount of expertise and knowledge and are only a fraction of the cost. Appraisal outsourcing allows you to do your best work.
Application In Business Valuation Scenarios
Let’s further examine the impact of AMC’s in business valuation scenarios. For instance, A small business owner has just acquired a new building for her company, but needs an appraisal to receive a loan. Who does she turn to? An appraisal management company will be able to provide several professional appraisers at once so that you can get appraisals done quickly so that closing on financing is done in a timely manner.
This alleviates a lot of stress and when strict deadlines are attached to your finance agreement, acting swiftly is your only option. If need be, it’s also possible to schedule multiple appraisals concurrently. A nationwide appraisal management company streamlines the process of meeting with multiple appraisers at once, as opposed to scheduling several one on one meetings.
The following are additional examples of how else AMC services are allocated:
- Nonprofits in need of donation appraisals
- Credit agencies that need verification of value on collateral
- Financial lenders that need collateral valuations for loans
- Utility companies that need help with environmental or brownfield site evaluations
- Government agencies that need tax assessment services.
The list is very extensive! Whether your business is big or small, the need for third party valuation professionals is increasing, as compliance and liability can be very disruptive to your operations if mismanaged or overlooked entirely.
Starting Your Journey With A Nationwide Appraisal Management Company
If you need further insight on appraisal management services, Arivs is ready to assist. Contact us today to set up a time to speak!