Radius Valuation VCMS is today’s premier valuation compliance management system (VCMS) for lenders. Our system enforces action from the top down to ensure everyone involved in the appraisal process is properly vetted with credentials and systems in place that meet the criteria and minimum standards for all applicable Appraiser federal and state regulations*. In addition, compliance is maintained to auditor standards for the appraisal process.
The Radius VCMS single point client interface system helps the lender and its staff effectively interact with its AMC’s, Appraisal Firms & fee appraiser panels. We connect all appraisal vendors to our client interface system and ensure that they are following the mandatory requirements for lenders as it relates to the continuous due diligence and oversight of all third party appraisal vendors. Radius VMS ensures that audits of those requirements find that the lender has the proper functioning systems in place and can respond to all auditor requests quickly.
Our compliance management system covers everything a lender needs for due diligence on its AMC’s and the appraisers the AMC’s are engaging on the lenders behalf. Also covered is full compliance for lenders who use in house appraisal ordering systems like Mercury Network.
The CFPB, OCC, NCUA, FFIEC, FNMA and secondary mortgage market investors require exacting compliance with today’s rigorous standards. Those standards include but are not limited to making sure the AMC is registered in the states it does business on the lenders behalf, documentation of engagement and selection process, USPAP reviews on every single appraiser used for appraisal completion, geographic competence documentation, product type competence, ASC good standing, proper E & O insurance, the list goes on and on.
The Radius VCMS covers all of those requirements and more. Our single point client interface is utilized by the lender to be an order point for all appraisals. The VCMS system routes the appraisal order to the lenders AMC, other AMC’s or fee appraisers for completion. All AMC’s and fee appraisers are required to utilize our Validox system to gain the credential types the lender needs in a valuation audit. In essence we are a “pre audit” due diligence gathering & document preparation solution. We do this so that when you are audited you already have what the auditor is looking for preempting the worry regarding fines and other sanctions due to non-compliance.
Our compliance system not only helps to meet the needs of a valuation process audit but also covers the all-important factor of universal document type consistency. Document consistency is what shows you are a professional and have taken care of your compliance requirements in a way that is clear and concise. That results in happy lenders and more importantly happy auditors.
Contact us today and get compliant along with the peace of mind of being audit-ready.
*Radius VCMS helps bring compliance for the following:
CFPB- Bulletin 2012-03 ‘Service Providers; Bulletin 2013-06 ‘ Responsible Business Conduct: Self Policing, Self Reporting, Remediation, and Cooperation
OCC- OCC Bulletin 2013-29 ‘Third Party Relationships’
NCUA- NCUA Letter No.: 07-CU-13 ‘Supervisory Letter-Evaluating Third Party Relationships’; Ltr: 08-CU-09 ‘Third Party Relationships Questionaire’
FDIC- FDIC FIL 44-2008 Guidance for Managing Third-Party Risk
FFIEC- Interagency Appraisal and Evaluation Guidelines 12-10
Title XI FIRREA- Real Estate Reform [12 U.S.C. 3331-3351] as amended by the Dodd Frank Act
OIG/Dept of the Treasury- OIG-14-034 ‘OCC’s Review of Banks’ Use of Third Party Service
Providers Is Not Sufficiently Documented’
Multi-State Mortgage Committee (CSBS-AARMR)- MMC Mortgage Examination Manual
Interagency (Dept Treasury; Federal Reserve; FDIC; NCUA; FHFA; CFPB) - Minimum Requirements for Appraisal Management Companies; OCC; FRB; FDIC; OTS; NCUA - Interagency Appraisal and Evaluation Guidelines
FNMA- Selling Guide Jan 27, 2015; Appraiser Quality Monitoring FAQ’s July 2014; Appraiser Quality Monitoring Notice Jan 6, 2014
State Appraiser Boards- All States including laws from: AL-SB320, AZ-SB1351, AK-AMCS, CA-SB237, CO- HB 12-1110, CT-PA10-77, FL-HB-303 , GA-HB1050, IL-HB 2956, IN-HA1235, KS-SB-345, KY-HB 288, LA-HA1235, MA-H 124, MI- HB 4975, MD-HB102, MN- SF2510, MO-HB1692et.al, MS- HB1337, MT – HB 188, NE- LB410, NV-AB287, NH- SB153, NJ- ASM 3827, NM-AMC1022, NC-SB 829, OH-HB515, OK- HB2772, OR-HB3624, PA-HB 398, SC-H.3717, TN-PC963, TX-HB1146, UT-HB152 & T61Chap2(e), VT-N103 ,VA-C508 & WA-HB3040.