What should lenders and mortgage professionals consider when selecting the right vendor for appraisal management services? In this article you will find simple solutions to this very important question. With all of the options for appraisal management services, it’s important to know the range of features available from price, customization options, customer satisfaction levels, expertise and knowledge, compliance measures, technology, and communication.
Not all appraisal management companies are created equal. The first choice for many companies may be to go with the appraisal management company that charges the lowest appraisal fees. However, it’s not that simple, especially in today’s world where compliance, transparency and quality reign supreme. Many times the lowest bidder will lack quality and experience. These factors along with professionalism will and does vary. Evaluate the company’s offerings and ask for references. A lot of larger banks and lenders may tend to lean towards selecting the biggest appraisal management company because it’s a “safer bet”; however, this is not always the case. Make sure your appraisal management company is insured, has proper compliance measures in place to protect clients, appraisers, and consumers and is able to offer a list of reputable references for you to call upon for quality information about your prospective appraisal management vendor.
The best solution when faced with many choices is to first, collect all of the information on the appraisal management companies you are considering as a vendor. Meet with your team to talk about the pros and cons of each and find out what’s most important from your team when working with an appraisal management company. Compare side by side those items from price, customization options, turn times, ease of use, etc. If possible, ask your potential appraisal management company contact to meet
with you face to face to see how their business operates. Meet the team of professionals that will be carrying out your appraisal products from beginning to end. Many times this will give you a good idea of who will best fit the needs of your team.
Remember that your business’ reputation may be judged on the labor practices and environmental record of your suppliers. It makes good business sense to consider the ethical and environmental dimensions of your supply chain.