From ordering through fulfillment Clients have complete control of their appraisal service processes...
Each client is provided an individual, secure service center through which they can quickly and easily determine the appropriate valuation services required and convey this information immediately to a cadre of highly trained professionals the client elects to work with.
The system creates a client designated firewall between the valuation and lending processes. The process design establishes appraisal management through a client selected financial institution officer or department that is separate and apart from the lending function. The designated officer selected for this function is referred to in the system as the ARD (Appraisal Review Department). The project is initiated most often through the lending side, however, project management is through the ARD as the middle-man, who interacts directly with the valuation service provider. The system keeps the lender/loan officer abreast of the process from engagement through delivery and review and final delivery of the product to the lender. During the process, it promotes the flow of necessary project information to and from the valuation expert.
As noted, a complete audit trail of all project functions is recorded. This includes project identification, engagement, appraisal/evaluation report delivery, review functions, and final delivery of services for the various Lender(s), ARD and Provider(s) associated with each financial institution's requirements. Service delivery in accordance with the agreed scope of work is monitored for each project. Service evaluations for each project are recorded and reported to the appropriate parties in the system as part of the audit trail. Audit trail data are structured to assist in risk assessment and comparative analysis of collateral risk. Each FICAP service is carefully monitored to ensure compliance with all Federal and state regulatory requirements.