Third Party Oversight
Compliance & Best practices
www.Nationwide – Appraisal.com
888-760-8899
Jennifer Graham
JGraham@Nationwide-Appraisal.com
888-760-8899 x211
appraiser independence
What’s on the agenda?
appraiser selection
appraisal disputes
engagement letters
Director of Quality
Assurance
& Compliance
Cristy Conolly Kevin Johnson
Business Development
Quick Poll
Who’s with us today?
NAN Compliance Portal
Main Objectives
Challenge: Managing the risk involved in the appraisal process.
Goal: A better understanding of the regula...
Which is better?
Managing in-house?
Outsourcing to an AMC?
OR
Managing In-House?
Policies to promote an effective program
System to document & monitor compliance
System to monitor appr...
Best Practices for Managing In-House
Put systems in place
Keep staff separate from loan production
Clearly written policie...
Outsourcing to an AMC?
Conduct thorough due diligence with service provider
Access to policies, procedures, controls & tra...
Best Practices for outsourcing to an AMC
Contract in place
Transparency from service provider
What should my contract say?
Legal & regulatory compliance
Selection of appraisers
Payment of appraisers
Representations &...
Managing Regulations:
Dodd-Frank
InterAgency Evaluation Guidelines
On-going State Statutes and Rules
FIRREA
TILA
ECOA
USPAP
NAN Compliance
Compliance Task Force
Compliance Manual
Compliance Portal
Be Consistent, clear, and transparent
Quick Poll
Appraiser Independence
• Requirement
• Independence
• No Interest
• Misrepresentation
• Best Practices
• Ordering, assigni...
Appraiser Selection
• Requirement
• Education, expertise, experience, data access, & certification
• Periodic appraisal re...
So what about?
Approved appraiser lists
Exclusionary lists
Background checks
Customary & reasonable fees
Feb 5th @ 2pm EST.
Appraisal Disputes
• Formal Appeals Process
• Transparent Documentation
• Timely Responsiveness
• Appraiser Independence
•...
Appraisal Dispute Form
Quick Poll
Engagement Letters
• Communication
• Document Expectations
• USPAP Compliance
• Retain copies; be consistent
Kevin Johnson
kjohnson@nationwide-
appraisal.com
813-749-8856 - direct
Cristy Conolly
cconolly@nationwide-
appraisal.com
8...
ATTEND Compliance Webinar Part II.
February 5th - 2pm EST
Click here to register:
Nationwide Appraisal Network Third Party Compliance & Oversight Webinar Part I
Nationwide Appraisal Network Third Party Compliance & Oversight Webinar Part I
Nationwide Appraisal Network Third Party Compliance & Oversight Webinar Part I
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Nationwide Appraisal Network Third Party Compliance & Oversight Webinar Part I

Nationwide Appraisal Network presents Part I of the Third Party Oversight Compliance and Best Practices webinar. Join Cristy Conolly and Kevin Johnson as they address regulatory requirements and provide guidance with respect to appraisal programs. In regards to appraisal management the following will be addressed- Appraiser independence, appraiser selection, appraisal disputes, and engagement letters. For more information about Nationwide Appraisal Network contact Kevin Johnson KJohnson@Nationwide-Appraisal.com or 888-760-8899 x-225. Nationwide-Appraisal.com
Published on: Mar 3, 2016
Published in: Real Estate      Business      
Source: www.slideshare.net


Transcripts - Nationwide Appraisal Network Third Party Compliance & Oversight Webinar Part I

  • 1. Third Party Oversight Compliance & Best practices www.Nationwide – Appraisal.com 888-760-8899
  • 2. Jennifer Graham JGraham@Nationwide-Appraisal.com 888-760-8899 x211
  • 3. appraiser independence What’s on the agenda? appraiser selection appraisal disputes engagement letters
  • 4. Director of Quality Assurance & Compliance Cristy Conolly Kevin Johnson Business Development
  • 5. Quick Poll Who’s with us today?
  • 6. NAN Compliance Portal
  • 7. Main Objectives Challenge: Managing the risk involved in the appraisal process. Goal: A better understanding of the regulatory requirements and best practices. Get some clarity and relief: from the burden of the unknown.
  • 8. Which is better? Managing in-house? Outsourcing to an AMC? OR
  • 9. Managing In-House? Policies to promote an effective program System to document & monitor compliance System to monitor appraiser performance Staff expertise to ensure QC Ability to manage vendors
  • 10. Best Practices for Managing In-House Put systems in place Keep staff separate from loan production Clearly written policies Consistency and transparency
  • 11. Outsourcing to an AMC? Conduct thorough due diligence with service provider Access to policies, procedures, controls & training materials Clear contract in place On-going monitoring for compliance Continuous oversight for 3rd party
  • 12. Best Practices for outsourcing to an AMC Contract in place Transparency from service provider
  • 13. What should my contract say? Legal & regulatory compliance Selection of appraisers Payment of appraisers Representations & warranties Insurance coverage with AMC
  • 14. Managing Regulations: Dodd-Frank InterAgency Evaluation Guidelines On-going State Statutes and Rules FIRREA TILA ECOA USPAP
  • 15. NAN Compliance Compliance Task Force Compliance Manual Compliance Portal Be Consistent, clear, and transparent
  • 16. Quick Poll
  • 17. Appraiser Independence • Requirement • Independence • No Interest • Misrepresentation • Best Practices • Ordering, assigning and reviewing of appraisals separate from loan process • Manage proper communication • Regular staff training • At NAN…
  • 18. Appraiser Selection • Requirement • Education, expertise, experience, data access, & certification • Periodic appraisal review • Unbiased opinion • No interest in property • No involvement from loan production • Best Practices • Thorough vetting process • Geographic competency and experience • Complex and unique assignments • Performance monitoring system • Document & be consistent with the policy • At NAN…
  • 19. So what about? Approved appraiser lists Exclusionary lists Background checks Customary & reasonable fees Feb 5th @ 2pm EST.
  • 20. Appraisal Disputes • Formal Appeals Process • Transparent Documentation • Timely Responsiveness • Appraiser Independence • Stick to the Facts • Certified Appraiser on staff • Professionalism
  • 21. Appraisal Dispute Form
  • 22. Quick Poll
  • 23. Engagement Letters • Communication • Document Expectations • USPAP Compliance • Retain copies; be consistent
  • 24. Kevin Johnson kjohnson@nationwide- appraisal.com 813-749-8856 - direct Cristy Conolly cconolly@nationwide- appraisal.com 813-749-8842 - direct
  • 25. ATTEND Compliance Webinar Part II. February 5th - 2pm EST Click here to register:

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