FOR AMCs and LENDERS:
Compliance with the numerous regulations, statutes, and guidelines is difficult to ensure given the fast-paced nature of residential real estate financing. The AMC Audit provides a third-party assessment of compliance relative to the Dodd/Frank Act, Interagency Appraisal and Evaluation Guidelines, and other applicable regulator guidelines.
An AMC audit may be ordered by an AMC or by a lender that contracts with an AMC.
The assessment will specifically focus on identifying operational and regulatory risk associated with the functions of an appraisal management company. It includes an examination of policies, procedures, and process flow for:
– Appraiser Independence, Qualifications, Selection, Engagement, and Customary and Reasonable Fees;
– Appraisal Review, Reviewer Qualification, Documentation of Review, and Depth of Review;
– Resolution of Deficiencies, Mandatory Reporting, and Exclusionary/Do-Not-Use List;
– AMC State Licensing;
– Augmenting, improving, or creating policies, procedures, and process flows;
– Staff Training; and
– General Business Practices
Upon completion, a report of the findings will be provided which includes an identification of policy gaps or areas of risk and/or exposure to the AMC.
The on-site visit of the AMC is typically two days with findings reported by the following week.
For more information, contact APC at 512-554-3866 or firstname.lastname@example.org.