MDS / Appraisal Firewall
APPRAISAL FIREWALL IS AN AMP. (appraisal management platform)
Appraisal Firewall uses non-AMC technology to control costs and automate your entire appraisal process. Save time by letting your appraisers add themselves to your appraiser panel, then administer your own panels – and get completed appraisals faster. Appraisal Firewall is a secure, online appraisal routing and communications technology tool that lets lenders keep their established relationships by helping them stay compliant with the Appraisal Independence Regulations (AIR) and maintain compliance with TILA and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
HOW DOES APPRAISAL FIREWALL KEEP ME COMPLIANT WITH DODD-FRANK APPRAISAL ACTIVITIES AND APPRAISAL INDEPENDENCE REGULATIONS?
There are two key elements to a lender’s AIR compliance. The first is the lender’s responsibility for assigning appraiser panel creation, ordering, and communication to someone in their office who is not compensated based on the closing of loans. The second is the technology that the lender chooses and the compliance features the technology offers. Appraisal Firewall offers a number of compliance features, including:
♦ The tracking of all panel creation, ordering, and messaging between lender and appraiser in a printable Communications Log. You always know who in your office had a hand in every appraisal that is ordered every step of the way – either electronically or on paper.
♦ Keep all your Appraisers Credentials in file with Appraisal Firewall. Appraisers need to upload all their current Appraisar Licenses, Certifications and their Errors & Omission Policies in the system in order to be available as an active Appraiser. Appraisal Firewall will keep track of these documents and will give notice to the Appraiser when they are about to expire. If the Appraiser does not update their credentials he will automatically be placed as non-active in the system until he is able to update his file in Appraisal Firewall. Keep your Appraisers in compliance with regulators. The lender has direct access to these documents as well for additional auditing, but as explain above, MDS/AF will do the Auditing for you.
♦ With the use of anonymous routing technology, the lender does not know to whom the appraisal order was placed. The lender’s appraiser panel is filled with those appraisers that they have established relationships with, but the actual appraiser that is assigned to the order is unknown to the lender loan processing department until the appraisal is delivered.
TAKE CONTROL OF YOUR APPRAISER PANELS
Appraisal Firewall lets you create panels of appraisers that you know, like and trust. With your
established relationships delivering your appraisals to you online, you are assured that you get the same high quality appraisals that you do today with the speed of the internet. In this changing valuation environment, nothing beats having the control you need to do business with your established relationships.
COMPLIANCE AT YOUR FINGERTIPS
Appraisal Firewall is designed for Lenders who want to stay compliant with TILA, Dodd-Frank Wall Street Reform and Consumer Protection Act and the Appraisal Independence Regulations and also want to internalize their appraisal ordering and management duties. Appraisal Firewall tracks all ordering processes and messaging that occurs within the system and lets you print out these communications logs for hard copy storage in case of audit.
YOU CHOOSE! AUTOMATED OR MANUAL APPRAISER ORDER ASSIGNMENT
Appraisal Firewall takes an appraisal order and places it within that lender’s preferred or screened appraiser panel. The appraiser that is selected to work on an appraisal can be chosen either by Appraisal Firewall technology, or you can assign the appraiser to the order manually by using your own Rotation Manager. Appraisal Firewall’s automated order assignment utilizes vicinity to subject property, products offered by appraiser, historical appraiser quality, and other pertinent appraiser selection criteria.
APPRAISAL FIREWALL IS A TRADEMARK OF SHARPERLENDING, LLC
MDS: (888) 539-4542; Fax (800) 637-0594; email: email@example.com