"Paper" trails have turned into "electronic" trails in this new century, but the spirit or sense of the word is the same. Most AMCs generally have a report for each individual appraisal that is a quality audit of that specific appraisal. Here at SAMCO, these audits reflect specific, detailed USPAP and appraisal standards requirements, are in a written format, and are sent to the community bank/credit union client along with the appraisal. That USPAP audit becomes part of the mortgage file for examiners to inspect. If an appraisal does not meet any one of the specific, detailed requirements, the appraisal fails the audit, and the report is sent back to the appraiser to be corrected, or have additional information provided. In addition, each appraisal has an individual quality score and each appraiser has an ongoing quality and professionalism rating as required by the IAG. How detailed is your bank's audit of each individual appraisal report?
