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POLICIES & PROCEDURES
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General Guidelines
All residential appraisal products are to be in compliance with Title XI of the Financial Institutions Recovery, Reform, and Enforcement Act of 1989 as well as the Uniform Standards of Professional Appraisal Practice (USPAP).
Affiliate appraisers are expected to perform valuation services competently and in a manner that is independent, impartial and objective. The appraiser’s role is to provide the client with a USPAP-compliant appraisal or review appraisal that is complete and accurate. An appraiser must take extreme care in ensuring that the report is not misleading to primary or secondary users.
Affiliate appraisers must be appropriately licensed appraisers for the state(s) and property types for which they accept appraisal assignments. A valid state-issued appraisal license for each Affiliate is to be maintained at Property Sciences.
Property Sciences will not accept appraisal reports completed solely by an Appraisal Assistant or Trainee. All such appraisal reports must be countersigned by the Supervisory Appraiser and certify that the Supervisory Appraiser “DID INSPECT” the property and the comparables.
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Affiliate Code of Conduct
Affiliates are to display professional appearance and conduct themselves in a professional manner at all times when working on behalf of Property Sciences.
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Service Level Expectations
Affiliates shall provide notification of the appointment time for the subject property within 24 hours of receipt of appraisal order. Affiliates shall schedule inspections no later than 48 hours from the original order time. Property Sciences must be notified of any homeowner/borrower delays.
Affiliates are required to adhere to the agreed upon turn times as per the Affiliate Contract. Affiliates are required to provide timely communication to Property Sciences regarding appointment times, due dates, issues causing delays, significant property issues or any other matter relevant to providing timely, accurate and user friendly service to Property Sciences clientele. Failure to adhere to above policies and order terms will result in a probationary hold on account. Consistently failing to meet requirements will ultimately result in revocation of affiliation.
The Property Sciences Order Management System is the primary vehicle for Affiliate communication regarding appraisal assignments received from Property Sciences.
Prior to report delivery, please ensure that all of the lender's required appraisal guidelines are met. If you are unable to meet any of the lender's appraisal guidelines, your report must include a detailed explanation addressing why any specific guidelines could not be met, and your analysis on the impact, if any, on your final opinion of value. We conduct a full manual review of your appraisal report prior to releasing the report to the client to verify that appraisal guideline requirements are met and that the data contained within the report is accurate.
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Report Delivery Requirements
Appraisal reports must be submitted via our website in PDF format.
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