Less time spent on appraisal mortgage compliance means more time with your customers
Worry list: CFPB compliance; USPAP/Appraisal Standard compliance; Inter Agency compliance; firewall between loan production staff and real estate appraiser; Fannie/Freddie cram downs; customary and reasonable fees; RESPA compliance; documented quality control/appraisal review; vendor maintenance; HELOC evaluations; and commercial appraisal order management/review.
None of this keeps SAMCO clients up at night. Appraisal mortgage compliance doesn’t even take a chunk out of their day or the day of the bank’s compliance individuals. Whether it’s a bank with 5 billion in assets or one with 54 million, they both have one thing in common; their labor costs have been dramatically lowered by outsourcing to SAMCO and regulatory examination team’s breeze through this part of the examination.
Time saved through easy access
With the complexity of real estate mortgages, there are occasional calls to SAMCO, but communication is where the community bank shines in dealing with their customers, and that is where SAMCO does also. SAMCO’s clients have easy access to SAMCO employee’s that have the ability to resolve quickly any concerns or challenges.
Focus on customers, not tech
It’s easy to find order management platforms that have the appearance of providing ‘some’ of what the community bank needs for appraisal mortgage compliance, but the analytical skills SAMCO’s staff brings to the review process, the cooperative approach they take working with the community bank’s board approved appraisers, and the experience of the SAMCO staff that are used by the bank as a sounding board to solve complex issues cannot be replicated by even a complex computer system.
Transparency meets regulatory muster
The past few years, bank regulators have increased oversight of bank’s outsourcing arrangements and issued guidance on the subject, several times, including expectations of greater bank due diligence of third-party vendors. This remains an area of high focus, but to date, examiners have been pleased with SAMCO’s clients outsourcing arrangement, and especially pleased with the compliance of Evaluations for Consumer Lending loans (both residential and commercial).
Recommendations for other banks
First, don’t be afraid to move far afield for appraisal management outsourcing. There are limited management companies in the nation, and NONE that offer both Residential/Commercial order management/review of BOTH appraisals and evaluations.
Second, look for a vendor/provider with experience specifically with community banks and a vendor that understands the relationship between the community banker and their customers, and the importance of clear, open communication.