In order to monitor the quality of appraisals completed by Appraisal Valet’s panel of appraisers, three levels of approval have been established: Conditionally Approved, Approved, and Probationary status. The appraiser’s approval status determines Appraisal Valet’s level of monitoring and the amount of work assignment possibilities.
Conditionally Approved Status
‘Conditionally Approved’ appraisers are those who have met the eligibility requirements set forth in the Appraiser Qualification section of this document but have not yet established a pattern of producing quality appraisals. Reports submitted by conditionally approved appraisers undergo strenuous QC analysis by Appraisal Valet in-house appraisers. Appraisers new to our panel must work under conditionally approved status for 90 days or until their first three completed assignments are found to meet our high quality standards, whichever period is longer.
In order to be granted ‘Approved’ status, an appraiser must establish a pattern of producing high quality appraisals as evidenced by successfully passing the conditional approval process. All reports submitted to Appraisal Valet undergo a throughout QC analysis by our quality assurance team resulting in a performance score for each report. Appraisers that are ‘Approved’ by Appraisal Valet and have a quarterly performance score of 70% or greater will be consistently considered for assignments.
An Appraisal Valet ‘Approved’ appraiser with a quarterly performance scores under 70%, will be placed on ‘Probationary’ status. An appraiser on ‘Probationary’ status will have limited work assignment possibilities. He/she must demonstrate a pattern of improved performance scores in subsequent reports to be reinstated to Approved status. Typically, an appraiser placed on probationary status has let their performance score drop below acceptable measures due to report errors, lack of adequate appraisal theory knowledge, non-professional behavior, or lack of communication with regards to appraisals delivered past their due date.
Multi-layered QC Process
Appraisal Valet has a three tiered quality control process including an electronic scanning software system, trained staff quality control team, and licensed in-house appraisers. Each and every report managed by Appraisal Valet will undergo quality control analysis through this three-tiered system.
Our proven three-tiered QC system with licensed appraisers at the top of the pyramid results in:
- Superior quality reports
- Fewer underwriting requests
- Greater compliance with appraisal regulations
- Higher rate of transaction success
- Greater trust in our reports by lenders, underwriters, and industry experts
- Licensed QC appraisers speaking same “language” as licensed appraisers completing reports
- Accurate performance scores (completed by in-house appraisers)
Licensed In-House QC Team
Our business model was developed by appraisers who were frustrated with appraisal management companies. AMC’s are notoriously difficult to contact and once an individual is reached, they typically can’t answer your question an may not even understand the question. By the time you finally reach someone who can deal with the issue or give you a firm fee quote for a complex property, you have lost valuable time and have lost confidence the answer you receive.
To our management team, your 1st experience with Appraisal Valet is as important as your 1,000th experience. Reaching a competent and trained staff member or licensed in-house appraiser is simple and convenient. Our licensed appraisal staff keeps up to speed with regulatory changes, contributes valuable input to our quarterly newsletter, and keeps abreast of market changes by communicating with paneled appraisers on a daily basis. If you are looking for the highest level of communication, quality control, and professionalism, you must experience the Appraisal Valet difference.