Lenders can take a load off by partnering with an appraisal management company (AMC). From quality control to increasing productivity, outsourcing the appraisal management process has major benefits for lenders of all sizes.
Curious about whether having an AMC oversee your appraisals is right for your bank, credit union or other lending institution? You’re in luck. Take a look at four of the top benefits below to see if it might be a good fit.
Mitigate Risk & Stay Compliant
This is a big one. Ensuring lending practices stay in compliance with federal regulations is essential. Yet, the reality of keeping up with and balancing the extensive list of regulations can often be a challenge. AMCs take on the responsibility of compliance and liability protection, staying up to date with requirements and adhering the strict protocols. At MVS, we leverage cutting-edge technology, liability protection and decades of experience in the field to serve our clients.
Free Up Your Team’s Resources
Taking off appraisal management — and the slew of administrative and technical responsibilities that come with it — from your workload, allows your team to invest time where it’s really needed. AMCs are pros when it comes to handling the details to keep the appraisal process moving efficiently. By lifting the burden of administrative tasks and process management, appraisal outsourcing frees up time and energy for your team to focus on larger priorities.
AMCs build and cultivate relationships with top-rated appraisers, ensuring you receive accurate and efficient appraisals. AMCs can have approved appraisal panels, contracting vetted appraisers who have demonstrated accuracy and reliability over time. At MVS, we take pride in our approved panel of 10K+ appraisers nationwide.
When outsourcing appraisals to a third party, lenders can save money on fixed costs such as payroll and staffing. Rather than hiring additional appraisers and reviewers in house, AMCs bring a high level of expertise and knowledge to your team at a fraction of the cost.
When the workload is piling up and resources are stretched thin, appraisal outsourcing can free up your resources to focus on what you do best. Contact the team at MVS to learn more about how an AMC can help lift the burden.