What is an Appraisal Management Company?
Appraisal Management is a business mode in which a company facilitates relationships between licensed appraisers and mortgage lending institutions to fulfill real estate appraisal assignments . The company recruits, qualifies, verifies licenses and E&O policies, and negotiates fees to the approval of all parties involved. Appraisal Management also includes administrative responsibilities, such as order entry and assignment, tracking and status updates, pre-delivery quality control, financial exchange oversight, market value dispute resolution, warranty administration, and record keeping. Appraisal Management companies are required to operate according to the Appraiser Independence Requirements (AIR).
MaxVantage is fully AIR compliant, and facilitates an advanced appraisal technique through an expedited appraisal process presented and executed in a diligent and professional manner. We have a full time support staff on hand from 8:30am-5:30pm Monday through Friday to provide our clients with up to date status on their orders, a team of licensed/certified and fully insured professional appraisers, a USPAP trained review department to ensure reports are of the highest quality, and an online system to deliver the reports to your inbox as quickly as possible.
Why use MaxVantage?
•Full time support staff on hand Monday-Friday, 830am-530pm
•Electronic ordering and delivery
•Secure online system to track and view appraisals from any web browser 24/7
•Professional and accurate appraisal reports
What is your average turn-around time?
The average turn around time is 48-72 hours after inspection to receive your report.
Once an appraisal is complete, who owns the report?
In most real estate transactions the appraisal is ordered by the lender. While the home buyer pays for the report, whether as part of closing costs or prior to inspection, the lender retains the right to use the report for any information contained within. The home buyer is entitled to receive a copy of the report- it's usually included with all of the other closing documents. However, the buyer is not entitled to use the report for any other purpose without permission from the lender.
Why would a person need a home appraisal?
There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:
- To obtain a loan or to refinance
- To lower your tax burden
- To establish the replacement cost of insurance
- To contest high property taxes
- To settle an estate
- To provide a negotiating tool when purchasing real estate
- To determine a reasonable price when selling real estate
- To protect your rights in a condemnation case
- Because a government agency such as the IRS requires it
- If you are involved in a lawsuit
What guidelines does MaxVantage follow? Is MaxVantage AIR compliant?
MaxVantage appraisals are completed in full compliance with the below codes and regulations.
- Appraiser Independence Requirements (AIR)
- Uniform Standards of Professional Appraisal Practice (USPAP)
- US Department of Housing and Urban Development (FHA rules and regulations)
- Federal Home Loan Bank System (FHLBS)
- Federal Deposit Insurance Corporation (FDIC)
- Real Estate Settlement Settlement Procedures Act (RESP)
Each MaxVantage appraisal comes with a certificate of AIR compliance and non-influence to guarantee that it was completed in strict adherence with these guidelines.