Appraisal Management Companies

$60 per state per month, 12-month contract

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Each state or jurisdiction has approximately 2 to 4 tasks annually, or about 125 total annual tasks for a national footprint. Maintaining AMC registrations and monitoring periodic filings and other reports is time consuming. Walitt Solutions provides AMC registration support while ensuring that the compliance officer remains in full control of the process.

PREPARATION

• • AMC Registration renewals
  • AMC National Registry Fee submissions
  • State bond renewals
  • Additional state regulator annual certifications, as appliable

INCLUDES

• • Monthly compliance meeting (one-hour live Zoom) with Walitt staff ($2,400 annual value)
  • Annual compliance training series by Zoom with Walitt instructor ($1,200 annual value); an online recorded version is available, but not included in this monthly service plan.

Service does not include support for registered agents or secretary of state filings. 

Cost example: 10 States x $60 per state = $600 per month; 12-month minimum term.

Many state regulators require AMCs to conduct periodic reviews of the work of their appraisers. Some states have very specific periodic review requirements, frequency, types of reviews, and other details, while other states provide little guidance. This can lead to considerable confusion.

Our compliance team can offer your AMC a variety of support services that help get your periodic reviews completed in compliance with state requirements.

RESOURCE GUIDE

$495 (Less than $10 per state)

We have studied the laws, rules and statutes for each state and compiled them all in an easy-to-read AMC Periodic Review Resource Guide. This guide can assist your AMC to define policies and procedures related to periodic reviews.

Each state summary page includes links to the state appraiser board website as well as current laws, statutes and rules. A copy of the text related to periodic reviews is included. We have also summarized the state guidelines and included any notes or observations.

PLANNING

$40 per State

With tens of thousands of annual orders, choosing and scheduling periodic reviews can seem overwhelming. Our compliance team will help you to develop a custom periodic review policy that takes into consideration state requirements, your staff appraisers, and other factors.

INCLUDES

• • Two-hour consultation meeting
  • Custom periodic review policy
  • AMS Review questionnaire
  • Periodic Review Resource Guide

PROCESS MANAGEMENT

$75 per state

Our full-service contract includes all the support services above, plus we coordinate with a team of qualified third-party certified appraiser(s) to complete the periodic reviews. This frees your staff to work on day-to-day tasks while ensuring full compliance with all state periodic review standards.

INCLUDES

• • Two-hour consultation meeting
  • Custom periodic review policy
  • AMS Review questionnaire
  • Selecting reports for review.
  • Assigning reviews to client’s staff or outsource to third-party.
  • Tracking progress.
  • Final state-by-state summary
  • Periodic Review Resource Guide

At the end of our assessment, we will present your team with a state-by-state breakdown showing all completed orders and the number of periodic reviews that need to be performed. The spreadsheet also allows you to record and document each step of the periodic review process. This assembles the annual process in a concise summary document, useful for state, internal or client audits.

Process Management does not include downloading, uploading, or distributing appraisal and review reports, and does not include performance of the review (see Performance service below).

PERFORMANCE OF PERIODIC REVIEWS

$45 to $60 per review

If you need help completing your USPAP Standard 3/4 reviews, we have also contracted with a third-party appraiser team that can help. Third-party reviewer may invoice client directly.

Note: Credentials to the client system may be required for the reviewer to access, download, and upload reports.

LIMITED-SCOPE REVIEWS

$17.50 per review

Walitt Solutions completes initial questions of the limited-scope periodic compliance reviews and logs the progress of the process. The forms then must be completed and certified by the client’s internal review staff. Due to state licensing requirements, this process may vary from state-to-state.

Preparation services can be added onto any of the above packages or ordered as a stand-alone service.

Courses and team training are available in a live virtual classroom (Zoom) or at a physical location. Courses can be customized to meet specific company needs. Additional costs and reimbursements apply to classroom delivery.

7-HOUR NATIONAL USPAP UPDATE (CE) & 15-HOUR NATIONAL USPAP (QE)

Subject to third-party rates

USPAP courses taught by Joshua Walitt, an AQB Certified USPAP Instructor and hosted by national education providers.

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COMPLIANCE AND INDEPENDENCE TRAINING (non-CE)

Live in-person: $100 per person (10 person minimum) and self-paced online version: $110 per person

Includes 5 to 6 hours of non-CE Compliance Training. Topics include valuation independence (appraiser independence), operational impact areas, revisions, reconsiderations, selecting and assigning appraisers, prohibitions, communication standards, mandatory actions, USPAP key focuses, ECOA, UDAAP, fair housing, and bias, to meet state and lender-client training requirements. Modules can be presented separately or together.

Additional and greater-depth custom content can be added to the live online version with instructor (e.g., additional scenarios, specific topics and USPAP application). AMCs typically choose to schedule two or more sessions for limited impact on operations. Attendance certificate issued.

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ANNUAL SECURITY TRAINING (non-CE)

$75 per person (10 person minimum)

Includes network security, information security, physical security, disaster planning/recovery, evacuation, scams, and real-world examples. Attendance certificate issued.

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CUSTOMIZED TRAINING

By quote

Custom classes on a variety of topics can be designed to meet your specific company needs.

charged hourly or quoted by project

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
  • Training
  • Valuation Independence
  • Appraisal Payments
  • Periodic State Reviews progress
  • Quality Control

Charged hourly or quoted by project

The policy and procedure review and compliance audit service package covers 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

• • Initial consultation meeting
  • In-process consulting
  • Written policy and procedure improvement recommendations
  • Final implementation meeting.

$200 per hr (primary analyst), $135 per hr (support staff), or project-based

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.