Looking for a qualified & certified appraisal management company? Read about our history below and find out why SAMCO is the perfect choice for you!
Began operations April 1, 1991
- Mr. John Shives - Owner/CEO with over twenty four years appraisal company/appraisal management experience.
- Mrs.Billie Tomlinson - Chief Operations Officer (COO) with seven years appraisal management experience.
- A trained, qualified service team.
- Appraisal audit team - USPAP trained, General and Certified Appraiser supervisory staff
History of SAMCO
Prior to 2008, SAMCO Appraisal Management Co. LLC was a division of Shives Appraisal Company Inc. This company was established in 1987 with the goal of creating a statewide appraisal management company. The company concentrated on working with national, regional, and local community banks as a central place to order and receive residential, commercial, and agricultural appraisal reports. By the end of the decade, Shives Appraisal Company exceeded their goal and had became a three-state appraisal company.
On January 1, 2009, SAMCO Appraisal Management Co. LLC officially emerged from Shives Appraisal Company Inc. The goal of SAMCO Appraisal Management Company is to provide a nationwide appraisal management service for community banks that conforms to the 2010 Interagency Appraisal and Evaluation Guidelines. SAMCO makes the transition into compliance with the new Federal Appraisal Guidelines simple, easy, and profitable. SAMCO does one thing and does it well, provide quality appraisals/evaluations through an ongoing appraisal/evaluation audit process. SAMCO Appraisal Management Company possesses exclusive agreements with community banks across the United States because we are community bank oriented.
The president of SAMCO is John Shives. He is a graduate of the Ohio State University with a Bachelors of Science from the College of Agriculture. John has a strong rural community banking background and over 24 years experience in appraisal management.
Vision of SAMCO
In everything we do, we believe in open and honest relationships. In knowing our client, the community banker, the way they know their customers and community.
The way we acheive that client relationship is by always being available, improving our client's service to their customer, providing regulatory compliance, and saving our client actual dollars. This is accomplished through working together as a team, being completely open and frank to our SAMCO teammates/clients, and by taking personal responsibility.
We just happen to provide great appraisal/evaluation order management and review. Want to see how easy it is to work with SAMCO?
How SAMCO is Important for the Community Banker
It's basically a value proposition
Appraisal Management Companies (AMCs) are being utilized more every year by mortgage lenders. Currently, over 70% of the mortgage loans made in the United States have the appraisal ordering and review managed by an AMC.
There are three reasons that lenders outsource the appraisal ordering and review process. First, by separating the appraiser from a bank's loan production staff, the risk of fraud is greatly reduced. With the advent of several important legislative and regulatory changes, this strict separation is what bank examiners look for.
Pleasing Safety and Soundness examination teams is the second reason banks are increasingly outsourcing appraisal management. With the announcement of the 2010 Interagency Appraisal and Evaluation Guidelines (compliance date December 10, 2010), examiners are being instructed, while reviewing a transaction analysis, to specifically look inside the appraisal report to ensure that it is within USPAP and Appraisal Standards. If not, the bank will be held responsible for the appraisal and could be cited in supervisory letters.
The third reason (and of growing importance) is that RESPA requires a lender to account for all closing cost fees charged to the borrower. It's very difficult to define the costs of in-house management. To comply with RESPA, the bank has to pay for their in-house department without receiving any offsetting fee income. Margins are growing tighter every year for community banks, and reducing non-interest expense is of growing importance. Outsourcing the management and review function saves the community bank significant payroll expense.