Services…cont
- Communicate review findings back to the appraiser—as part of Peach Valley's review process, if we identify any errors or omissions or if we take exception to the value determined by the appraiser, we will discuss these matters directly with the appraiser and ensure the appropriate corrections are made to the appraisal before providing you with the final product.
- Track review findings and monitor approved appraisers—Peach Valley will retain a score card on each appraiser utilized on behalf of the bank. The interagency Guidelines state a bank must "evaluate and monitor the ongoing performance of persons who perform appraisals," and "the compliance process should ensure that all appraisers are subject to periodic evaluation of the quality of their work." The scorecard we maintain on each appraiser will be routinely provided to the bank, which will be instrumental in showing your regulators you have complied with the regulations. Finally, we will routinely check with the appropriate state licensing boards to ensure there have been no serious complaints or violations against approved appraisers, as well as ensure the appraisers are not on the Freddie Mac Exclusionary List.
- Deliver the completed appraisal and review form to the bank—Peach Valley will send the bank the completed appraisal and the Peach Valley Appraisal Review Form.
- Handle questions from the bank—to the extent the bank has questions on the real estate being appraised or the valuation, we will field those questions and provide timely answers.
- Archive the appraisals securely for the required time frame—Peach Valley will securely retain all documents required by regulation for a minimum of 5 years.
| The Peach Valley Appraisal Management Process works efficiently and effectively utilizing less of your staffs time. This process, coupled with the changing regulatory environment impacting community banks, makes our services invaluable to your company. |
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