
Appraiser Approval Process
Valuation Partners maintains a three year minimum experience requirement, a mandatory element for any appraiser seeking to join our vendor panel.
Appraisers must submit a completed Vendor Profile Package which is available online from our website.
Once an application is submitted, Our Vendor Management Team completes:
Quality Control Valuation Partners appraisal reports are processed through an independent analytical model that contains a quality check and fraud detector. This product flags any infraction (company/client or FNMA) and suggests alternative comparables that could have been used in the appraisal report or need further explanation. |
Assignments
Orders are assigned via our exclusive “broadcast system” method. This means that all Valuation Partners approved appraisers in the geographic area receive an email notification of the order and the Scope of Work. The best qualified vendor, as identified by our system, is awarded the assignment
Industry Standards & HVCC Compliance
Our valuation products are prepared in full compliance with professional appraisal standards (USPAP), the Federal Fair Housing Act, and the CommunityReinvestments Act. We have developed stringent guidelines infull support of the Home Valuation Code of Conduct (HVCC) effective May 1, 2009.
HVCC Policy Statement
Valuation Partners Warranty Certificate of HVCC Compliance will be issued with each appraisal completed within the confines of the HVCC code. Its existence in the report certifies the objectivity of the Appraiser and assures every interested party that the valuation was derived via an HVCC compliant process, in accordance with our standards of the strictest objectivity, without influence on the appraised value or misrepresentation of the subject property, comparable properties or general market conditions.
Valuation Partners creates strong relationship with experienced appraisers nationwide. A key component of our success is having the confidence to rely on our vendors to determine accurate values for the properties they appraise. As a matter of policy, while we are constantly working with our appraisers to assure excellent quality, our staff do not in any way attempt to influence valuation conclusions.
In a strict interpretation of the Home Valuation Code of Conduct, Valuation Partners strongly supports the verbiage pertaining to not setting value expectations for appraisers. Our appraisal orders are sent to vendors without an “estimated” or “target” value, allowing for an objective, unbiased and well formulated opinion of Market Value. In the case of a purchase money transaction, the appraiser will receive a copy of the purchase contract. Additionally, at no time will our appraisers be asked to provide a “comp check” or supply any valuation information before the completion of the appraisal report.
Valuation Partners is not affiliated nor does it have a fiduciary relationship with any bank, mortgage company, loan servicing group or settlement services company. In the event that circumstances were to change, Valuation Partners will provide full disclosure to its clients.
Valuation Partners has developed firm HVCC compliant policies and procedures for the removal of an appraiser from our approved vendor panel (a complete copy of the policy is available upon request). For instances of substandard performance, the company is committed to providing additional training to the appraiser prior to taking more severe action. In cases of illegal conduct, unprofessional behavior or gross violations of federal or state licensing standards, the appraiser will be immediately notified in writing of the impending removal from our panel, along with evidence to support the removal. Valuation Partners will also notify our clients of circumstances and the action taken.
Valuation Partners reserves the right to order a subsequent appraisal in situations where the original report, completed for the purpose of a mortgage financing transaction, was found to contain critical errors or tainted appraisal methodology. Valuation Partners will not order subsequent appraisals in instances where sound appraisal methodology was used to arrive at the final Estimate of Market Value.
Upon request from the client, Valuation Partners will obtain additional information from the appraiser to support the valuation conclusion on a completed appraisal report. The lender should make this request through Valuation Partners and not directly to the appraiser.
Valuation Partners does not accept orders from brokers, lenders or other clients that request or suggest a specific appraiser for the assignment. A qualified appraiser is chosen using selection criteria including; availability, geographic expertise and experience, as well as historical quality and customer service metrics. The appraiser panel for Valuation Partners was created by internal personnel independent of any influence from external non- appraisal related entities. Valuation Partners continues to add to its list of appraisal vendors by using vetting criteria that focus on assembling the most qualified professionals in every geographic area.
Every staff member at Valuation Partners is thoroughly educated to comprehend and appreciate the implications of the HVCC. Further, each staff is continually trained by in house appraisal professionals to properly process vendor qualifications for the purposes of determining eligibility for inclusion to the panel and for individual assignments.
For more information:
Valuation Partners
12808 West Airport Blvd.
Suite 330
Sugar Land, TX 77478