Services for Appraisal Management Companies
Each state and client is different, so compliance for an AMC can be challenging. With a valuation and compliance skillset, we help your company ensure its policies meet requirements for panel management, staff training and courses, quality assurance, procedures and other necessary processes.
ANNUAL AMC SERVICE PACKAGE
The following annual services are completed depending on the timeframes required by the AMC client, regulators and other factors.
AMC REGISTRATION SUPPORT
Each state or jurisdiction has approximately 2 to 4 tasks annually, or about 125 total annual tasks for a national footprint. The tasks include:
- AMC registration renewal preparation
- AMC National Registry Fee submission preparation
- Additional state AMC regulator document preparation (e.g., annual certification)
- State bond renewal preparation
This service does not include support for registered agents, secretary of state filings, or related processes.
Includes 4 to 6 hours of non-CE Compliance Training. Topics include valuation independence (appraiser independence), revisions, reconsiderations, USPAP basics, ECOA, UDAAP, and security-related topics that meet state and lender-client training requirements. The package includes up to two live online presentations per calendar year with any additional presentations at an added cost.
- Online self-paced Compliance Training is also available from Walitt Solutions, but is not included in the monthly service plan.
Exams and audits on the following topics are performed, once per calendar year and include:
- Procedures and Processes-in-Place
- State Registrations and Bonds
- State Panel System
- Vendor Profile Quality Assurance
- File Quality Assurance
- Panel Removal
- Valuation Independence
- Appraisal Payments
- Periodic State Reviews progress
- Quality Control
ADDITIONAL HOURLY WORK
A few additional hours (in addition to any time spent on tasks above) are included in the monthly service package. This would cover various additional services and support. After the additional hours, service is charged at an hourly rate. Hours may be carried over one month only and are used last in that month.
POLICY AND PROCEDURE REVIEW PACKAGE
The policy and procedure review and compliance audit service package will include the following services:
- Comprehensive review of the company’s current policy and procedure manual
- Written recommendation on improvements to the policy and procedure manual including any state or federal compliance requirements
- Analysis and review of company documentation for onboarding new clients
- Audit of the Appraisal Management System (AMS) for compliance, proper documentation and implementation of active policies and procedures
- Support related to training records, including key person and staff requirements
- Creation of and recommendations for other forms, procedures and other documents
Includes an initial consultation, 25 consulting hours, written policy and procedure improvement recommendations, and an implementation meeting.
Any additional consulting hours are billed at an hourly rate.
PERIODIC COMPLIANCE REVIEWS
Our team will help you design, monitor, implement and track a periodic compliance review program for your AMC. We will work closely with your team and any outside vendors performing reviews.
COURSES AND TEAM TRAINING
Courses and team training can be provided in a virtual classroom (utilizing Zoom) or at a physical location of your choosing. Custom classes can be designed to meet your specific company needs.
- 7-Hour and 15-Hour USPAP courses
- Custom Compliance and Independence training
- Appraisal and AMC courses
- Miscellaneous training
ADDITIONAL SUPPORT SERVICES
Walitt Solutions offers a variety of miscellaneous and custom consulting services which are not specifically included in the annual AMC service package.
- Vendor panel removal support
- Mandatory reporting support
- Application, renewal, due-diligence support related to an AMC’s lender customers
- Customer issues support (e.g., lender disputes, escalations, and buy-backs)
- Support liaison with the AMC’s platform or other service partners
- State AMC audits, state correspondence, disciplines, investigations support
- Reporting changes made to key persons, addresses, contacts, and other information to state AMC regulators
- Training records support, including key person and staff requirements
- Support for AMC new-state applications and reinstatements preparation
- Surety bond application support
- Creation and recommendations for forms, procedures and other documents
- Other miscellaneous compliance assessments and audits
Walitt Solutions can provide customized consulting, advice, guidance, training, additional exams, or special projects that are specifically suited to your company needs.
View our brochure.
Walitt Solutions is not an appraisal management company and does not provide appraisal management services.