Lenders...imagine an appraisal partner that actually employs the appraisers it works with rather than contracting with independent fee appraisers. This approach creates the highest quality reports with some of the best turn times in the industry. As employees, our staff appraisers are committed to the highest customer service and quality ideals of our company. Your appraisal assignment request is our company's most important priority.
Our guarantee of quality appraisal reports is simple...you get appraisals that meet our high quality standards or we replace at no cost to our client any report that is found to be defective.
Radius Valuation performs continuous quality control measures on primary appraisals. The type of quality control measures may be related to factors including the scope, type and complexity of a particular appraisal assignment. Appraisal disputes are referred to Expanded Quality Control procedures for fast dispute resolution.
Radius Valuation Quality Control procedures include, and are not limited to:
- 1. Primary Quality Control & Audit Screening ( All Appraisals )
- 1. AIR Cert and Policy Statement
- 2. Borrower(s) and lender identification
- 3. Proper UAD formatting (XML with embedded PDF)
- 4. UAD definitions
- 5. Cost approach
- 6. Appropriate product form
- 7. 1004 MC
- 8. Date - signature
- 9. Minimum number of sales and listing comparables
- 10. Photography & aerial images
- 11. Licensure and Errors & Omissions insurance
- 12. Specific Lender Requirements
- 13. HUD requirements if applicable
- 14. FHA Case number inclusion if applicable
- 2. Expanded Quality Control & Audit Measures
- 1. Additional FHA compliance measures (if applicable)
- 2. Expanded research on USPAP issues
- 3. Analysis of contradictory statements
- 4. Analysis of market and neighborhood information
- 5. Dispute resolution
- 6. Additional valuation products as deemed necessary including:
- Field review
- Desk review
- Retrospective report
- Automated Valuation Model
- Restricted appraisal
- Secondary appraisal
- USPAP review
- Items screened include (but not limited to):
- (All or Some Measures Performed on a Statistically Significant Number of Appraisals)
Radius' commitment to quality supports compliance to Appraiser Independence requirements include those by the Federal Housing Agency as part of 12 CFR Part 1222, and adopted by the following agencies: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); Bureau of Consumer Financial Protection (Bureau); and Federal Housing Finance Agency (FHFA). *
- A. Truth in Lending Act (TILA)
- B. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA)
- C. Consumer Financial Protection Act (2010) “Dodd Frank”
- D. Uniform Standards of Professional Appraisal Practice “USPAP”
- E. Appraisal Subcommittee “ASC”
- F. Federal National Mortgage Association “Fannie Mae” rules, FAQ’s and selling guidelines
- G. Federal Home Loan Mortgage Corporation “Freddie Mac” rules, FAQ’s and selling guidelines
- H. The Equal Credit Opportunity Act (ECOA)
- I. All applicable individual state appraiser and appraisal laws and regulations
Our passion for exacting compliance creates quality and quality creates compliance, and unending loop of success and security for all Radius clients.
Radius' meticulous hiring procedures and our screening and engagement of the most geographic and product appropriate employee appraiser for each assignment promotes results that help expedite underwriting and transaction closings.
The best way to truly understand the positive differences between Radius Valuation and most appraisal management companies is to give Radius a try. We know that you will see the difference from the very first order and become another member of Radius' satisfied clients.