Dear Appraiser:
Thank you for your interest in joining our team. e-AMC has streamlined the AMC process. We are here for both our Lenders AND Appraisers. We do not believe in the “AMC” process as it has been over the last several months. The e-AMC difference allows you to go back to appraising and not answering 500 phone calls a day from 5 members of the same AMC asking you the SAME questions. We have asked our appraisers what would make this process better and we have listened. We understand the struggles appraisers have had to endure. Our commitment is to improve the AMC process for all involved. Our percentages are set. This means if we receive additional fees, our appraiser get paid additional fee’s. In return, we only utilize top appraisers that are consistent in both quality and timeliness.
100% Appraisal Quality Control – e-AMC completes a line-by-line, comprehensive quality control review of every appraisal that we deliver. We do not solely rely upon automated scrubbing technology as it cannot provide the comprehensive review and analysis needed in today’s lending environment.
Certificate of Non-Influence & HVCC Compliance – A “Certificate of Non-Influence & HVCC Compliance” is issued with every appraisal report. It certifies the objectivity of the Appraiser and assures every stakeholder that the valuation was derived via an HVCC compliant process without influence on the appraised value or misrepresentation of the subject property, comparable properties or the general market conditions.
“e-VaultTM” – We permanently archive each original appraisal report and its corresponding Certificate of Non-Influence and HVCC Compliance in “e-Vault™”.
Communications – We maintain staff appraisers and D.E. Underwriters dedicated to our clients and vendors to navigate questions and concerns with underwriters and appraisers. ALL e-AMC TO APPRAISER COMMUNICATIONS ARE HANDLED BY ONE OF OUR APPRAISERS OR UNDERWRITERS! This equals no more “non-professional” people telling you how to do your job!
e-Trac Technology – Simply the best, most user friendly appraisal fulfillment and tracking communication technology in the industry.
In addition to our online appraiser sign up, the following documentation will complete your application to join the e-AMC panel of approved appraisers. If you decide you would like to join our team, please carefully review and complete all of the requested information. This packet, in its entirety will need to be uploaded in the online sign up area via our website in the new appraiser’s area – www.eamc1.com
“ we apologize in advance for the length of this packet. Due to new state law requirements our attorneys are killing us with addendums. We hope you understand that this packet is for formalities and e-AMC has redefined the appraisal management process. Let us prove to you that there is another way!”
Sincerely,
Michael Davis
Mike Davis
Director of Operations
e-AMC
Program Benefits
At e-AMC we attract and retain the best appraisers in the nation. Our approach is to provide our appraisers with the benefits and support they need to focus on completing the highest quality appraisals. Please keep in mind the following as you consider joining our team.
· We Manage the Process – Assignments are handled with a combination of our automation and knowledge of historical performance. Appraisers have no direct contact with Loan Officers so there is no pressure to compromise professional standards. We expect exactly what you want to provide – a fair and accurate appraisal.
· We Manage the Problems – We maintain an internal staff to manage issues related to the appraisal. We also ask all clients for their lender specific guidelines up front to mitigate multiple follow up requests for changes and revisions. Most issues can be resolved internally with little or no involvement from the appraiser.
· No Collection Hassles – You no longer need to waste valuable time chasing clients who fail to pay for the services ordered. You provide high quality appraisals in a timely and professional manner and, at your choosing, we pay you for those services on a weekly basis, net 30 days via EFT or net 45 days via Check.
· Access to e-AMC DE Underwriter – e-AMC has created a special role within our organization to handle direct, appraisal questions and concerns. Our DE Underwriter provides quality control and oversees underwriting requirements.
· Powered by E-Trac– e-AMC’s software production system provides you with a user friendly interface to track your order inventory, access your system profile and view real time billing information.
· WebForms – Our appraisers have the ability to use the e-Trac Webforms to complete their appraisals on allowing non-company appraisers enjoy full fee appraisals without costly software.
Appraiser Application Checklist
Application Requirements:
(please initial all blanks)
____Complete the online sign up process on our website, www.eamc1.com, and provide the following:
· Basic Company Information
· Individual Appraiser information
· State and County Coverage Area
· Product Fee Schedule
· Copy of Current State License
· Copy of current W-9
· Proof of Company E&O Insurance
· Proof of Appraiser E&O Insurance (If Applicable)
· 1 Sample Appraisal – Must be no older than 30 days
· PDF of VOIDED check for (net 30) EFT
____ Review Appraiser Qualifications
____ Review Production Requirements
____ Review Appraisal Review Ratings
____ Sign and date Certificate of Non-Influence & HVCC Compliance Statement
____ Sign and date Conflict of Interest Statement
____ Sign and date e-AMC Acknowledgement of Terms
Please return this checklist with your complete package via PDF upload in e-AMC’s - e-Trac “new appraiser” portal:
http://www.eamc1.com/Appraisers.html
If you have any questions, please contact a representative at:
Email – or 1-(512)-968-6330
Incomplete packages will not be processed.
Appraiser Qualifications
To be eligible for inclusion in the e-AMC Vendor Network, an appraiser must meet the following minimum experience and licensure requirements.
The applicant must have a minimum of two (2) full year’s residential appraisal experience and be licensed or certified by each State included in the applicant’s service area.
By completing the appraiser engagement package, the appraiser hereby represents and warrants the following:
(a) That they have and shall maintain any necessary licenses to perform the appraisal work required in accordance with state/local regulations and requirements
(b) that they shall immediately inform e-AMC in the event they no longer maintain such licenses
(c) that they will, at all times, conduct the appraisal within requirements as set forth by local, state, and/or federal authorities
(d) that they shall carry sufficient E&O insurance to meet lender/investor requirements.
Please note that the following types of appraisers DO NOT meet e-AMC’s minimum requirements and need not apply!
Ø Trainee
Ø Associate
Ø Registered
Ø Assistant
X .
Appraiser Signature
Production Requirements
Order Assignment
When selecting an appraiser several variables are considered including but not limited to specific lender approval lists, client specific order instructions, turn-time metrics, subject property proximity, vendor performance history, and vendor fee schedule.
1.) Lender Approval – When selecting an appraiser for a mortgage broker client, the broker’s intended lender will be frequently disclosed and must be considered before selecting an appraiser. The intended lender will oftentimes have an appraiser approval list that must be referenced before assignment.
2.) Order Notes – Client instructions will be obtained from the order entry comments and must be considered carefully. The client may request a specific inspection date and time, a specific time for the borrower to be contacted, an extended due date or rush due date, etc. Specific client instructions will often quickly elevate to a manager inquiry as management approval may be required to trump other decision making protocol for the sake of the client directive.
3.) Turn-time Metrics – The e-Trac software platform maintains a running average of the appraiser’s turn-time from order acceptance to scheduled date and order acceptance to completion date. The turn time metrics must be compared with the other available appraisers, e-AMC company standards, and client directives in order to determine their impact on the appraiser selection decision.
4.) Subject Property Proximity – The proximity of the appraiser to the subject property may imply that the appraiser is more familiar with the marketplace. The two variables to consider are the actual distance to the subject property and whether the subject is located in the appraiser’s standard or extended coverage areas.
5.) PROVIDER Performance History – The provider history will be established by viewing the current provider notes section as well as timely updates by the provider, and the number of orders completed to date by the appraiser.
Order Acceptance
Appraisers will be contacted by phone, fax, and/or email with an appraisal order and given the location, due date, product type, specific underwriting criteria, additional service terms and product fee for the order. Appraisers may accept or decline via email. Broadcasted orders are on a “First to Accept” basis.
Special Instructions
Each order will contain a set of special instructions pertaining to that order. In order to comply with specific lender’s underwriting guidelines, these special instructions are conditions of your engagement contract for that order. It is imperative that appraisers read and adhere to the performance and reporting standards detailed in the special instructions section of each order. Failure to adhere to any special instructions will result in a failed QC review and will require corrections. Questions regarding order instructions can be directed to any e-AMC associate via telephone or the web-based communications.
Appraiser Conduct
e-AMC expects its network appraisers to uphold the highest standards of personal and professional behavior. From the borrower perspective, you are an extension of the lender/client, and as such, must exude professionalism at all times.
Communication
Communication is critical to the relationship between e-AMC and our network appraisers. Appraisers are required to contact us at any point in your appraisal process if issues arise regarding the following:
· Scheduling & Delays
· Inspections & Cancellations
· Problems with entry contact
· Missed Appointments
· Property issues (zoning, condition, highest and best use, etc.)
· Report delivery deadline
· Status updates listed below:
Appraisers are expected to utilize the e-AMC website as the primary source of communication. Do not communicate directly with loan officers or any other person directly associated with the client in order to protect the lender from potential coercion liability and to ensure accurate and unbiased valuations, unless we have given you the lender’s underwriter’s name and contact information. Immediately report communication attempts by any person other than the contact person we provide to e-AMC.
Scheduling
1. The property access contact must be contacted within 12 - 24 hours of order acceptance.
2. You must notify e-AMC immediately, via the status update area, of your scheduled inspection time. For orders not requiring an interior inspection, communicate your anticipated inspection time.
3. If you are unable to contact the property owner within the first 24 hours, notify e-AMC immediately. e-AMC will try to obtain additional contact information for you.
4. Please look on notes section of order as most of our clients have agreed to include scheduling suggestions from their client. These are not mandatory, but are to assist you in scheduling.
WE DO NOT SET APPOINTMENTS FOR OUR APPRAISERS.
Payment
Under no circumstances are you to accept any form of payment from the property owner, borrower, selling Realtor, or listing Realtor. If a homeowner has questions regarding fees or payment, please provide them e-AMC’s phone number and direct them to contact us. e-AMC distributes payment for services no later than forty-five (45) days after receipt of the final appraisal report depending on the option selected below: (note these are maximum times)
Please Choose 1 of the following:
□EFT – Electronic funds transfer (net 30):
*(if Selected, please include a PDF of a Voided Check with this package)
**(By checking this box, the user authorizes e-AMC to deposit to this account)
□Pay by Check (net 45):
(if selected, e-AMC will deliver all payments to the address, as entered in your vendor set-up on the e-trac system. All vendors may access their receivables and closed orders via their secure portal, 24/7.
e-AMC Payment Policy: (subject to state law)
If our clients cancel an order, the following rules apply:
1. Canceled prior to Inspection: $0 Due to appraiser.
2. Canceled post Inspection, but prior to Completion: 50% due to Appraiser.
3. ***e-AMC agrees to pay all appraisers 100% of the amount on the appraisal request when the COMPLETE appraisal is sent to e-AMC via our portal AND marked COMPLETE on the status update.
***e-AMC uses appraiser status updates for the above process. All updates are date and time stamped.
X .
Report Delivery
1. Reports are due within 48 hours after property inspection, but no later than five (5) business days after you receive the order. Exterior inspection assignments are due within three (3) business days after assignment.
2. Appraisal reports must be submitted via our website in PDF format.
3. Our software has a $7 Upload fee. We hate this, and to make up for it we raised our Appraiser compensation by $10 per file and negotiated Webforms use for our appraisers. So in essence, we pay you $3 to upload files. All revision updates are free on open files. A credit card will be needed at time of upload.
3. e-AMC will specify the client to be named in the report.
Always include e-AMC with the lender/client in your report.
4. Revisions requested by our QC department must be made within 24 hours of request.
Post Completion
In the event that the client expresses concerns in regards to the appraisal report or specifically requests additional reporting requirements, e-AMC may contact you to comply with such requests assuming they are compliant with the Uniform Standards of Professional Appraisal Practice (USPAP), Fannie Mae and Freddie Mac guidelines, the Real Estate Settlement and Procedures act (RESPA), the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), and/or the Federal Housing Administration (FHA).