How Do General Residential and Real Estate Appraisals Work?
A real estate appraisal is a situation where a professional appraiser determines the value of a property. The property could be anything from a vacation condo to your borrowers dream home. There are a number of reasons why someone may need their property appraised, including a purchase, tax assessment, or refinance.
What Can SAMCO Do for You as Your Residential Real Estate Appraisal Management Company?
SAMCO is a real estate AMC, or appraisal management company. We are a lender’s AMC and manage the appraisers and set up the appraisal process. We make sure you have all the data you need in an easy-to-access location. This allows you to get the information you require in a timely manner so you can complete your transaction successfully.
How Do Mortgage Appraisals Work?
A mortgage appraisal is made by a bank or other lending institution to determine the value of a property they are considering offering a mortgage for. It’s important that the lender get an accurate appraisal of a property’s value, as this is what allows them to set the proper loan amount and terms.
What Can SAMCO Do for You as an AMC for Your Mortgage Company?
In addition to its many other benefits, one of the key features of SAMCO as your AMC is that we streamline the appraisal process and also create the required firewall between loan officers and appraisers. SAMCO manages the appraisal workflow, the appraiser list and still helps the lender stay in compliance with the federal law. If needed, SAMCO has the capability to work with your mortgage company to help you.
How Do FHA Appraisals Work?
When someone is trying to get an FHA loan to buy a home, federal regulations require that a HUD-approved appraiser inspect the property. Not only does the HUD appraiser assess the property’s value, but he or she also must assess whether or not the home meets HUD minimum health and safety standards.
What Can SAMCO Do for You as Your FHA Appraisal Management Company?
As with standard mortgage appraisals, SAMCO as your FHA AMC can find the necessary HUD-approved home appraisers to appraiser the property in question. The separation between the loan officer and the appraiser still stands, so lenders will also find SAMCO useful in keeping them in compliance for FHA loans. The time and money you save with SAMCO should prove extremely valuable.
For more information, contact SAMCO today!