We are committed to proving reliable and sound valuations in a time frame that meets or exceeds your lending needs. Appraisal Valet appraisers are held to the highest standards in the industry. As an appraisal management company, we are committed our lenders with the highest level of communication, service, quality control and appraisal report quality. We live up to this promise by supporting high industry standards, accurately detailing service expectations, and insuring our ordering process.
Appraisal Valet is a member of TAVMA, a trade association of the real estate settlement service industry. TAVMA published ‘The Standards of Good Practice in Appraisal Management’, outlining fair AMC practices for industry specific topics including supplier recruitment & coordination, appraisal order assignment, order tracking & workflow management, pre- and post-delivery quality control, customer service & dispute resolution, and training & development. Appraisal Valet makes every attempt to adhere to TAVMA’s standards in its daily operating practices & procedures.
At the onset of our relationship, your appraisal management needs will be assessed by your account manager at Appraisal Valet. Our management team will promptly design a service agreement that clearly spells out the nature of services to be provided as well as associated fees. Appraisal Valet welcomes any modifications you may need to make to your service contract as of utmost importance that your service needs are fulfilled.
Reps and Warrants
At Appraisal Valet it is our mission to achieve appraisal management excellence. We provide our lender clients with added security by warranting the compliance of our appraisal ordering process. While we have the ability to manage appraisal orders outside of Appraisal Independence compliance, the majority of assignments we manage are completed in compliance with the Appraisal Independence regulations.
As per Appraisal Independence guidelines, we have implemented policies and procedures that fully describe our appraiser qualification and insurance requirements, professional expectations from appraisers, as well as the process for managed dispute resolution. Appraisal Valet policies mandate a minimum of $300,000 in errors and omissions coverage from our appraisers and most carry coverage in the $500,000 to $1 million range. Our company is separately insured by a $1 million dollar policy for coverage in the unlikely event that we are identified as negligent in the appraisal ordering process.
Appraisal Valet has a quality control process in-place to assure that reports are completed in compliance with lender requests and generally accepted guidelines. It should be noted that Appraisal Valet insurance does not guarantee the value of the subject property or that there are no USPAP violations, rather this insurance risk is bore by the appraiser who physically inspects the property and completes proper steps to arrive at the final estimate of value.