When a consumer is purchasing a home, their lending institution will require an appraisal of the house in order to obtain an updated value of the property to be mortgaged. Many lending institutions use an Appraisal Management Company (AMC), like Pro Teck, to manage the appraisal process.
To provide appraisal services, an appraisal management company maintains a pool of qualified appraisers. For every mortgage application process, every AMC goes through the same general process:
AMCs add an important layer of oversight to the appraisal process. After the 2008 housing market crash, federal laws regulating lending institutions and mortgages changed and began requiring oversight between lending institutions and appraisers. These appraisal management companies help consumers obtain unbiased reports for financing and loan servicing.
At Pro Teck, we use a comprehensive rating system to maintain updated scores on each appraiser in Pro Teck’s national Appraiser Partner network. The score includes criteria such as proximity, quality, turn time, capacity, case load and responsiveness.
For each report submitted a quality score is given, this creates a regularly updated aggregate quality score for each appraiser. Significant weight is placed on quality ratings when calculating the appraiser’s overall score. This directly affects the number of appraisals an individual appraiser will be offered through the Pro Teck order matrix.
The structure of our partner grading and selection process creates a competitive environment that promotes superior quality and turn times. Through real-time quality scoring, appraisers are able to compete for orders, while those who score below minimum requirements remove themselves from the order invitation process.
We tap into our appraiser pool for a variety of applications including:
Our national appraisal management network is made up of experienced licensed and/or certified professional appraisers. After they are approved as a Pro Teck network appraiser, each of our residential appraisers is entered into our comprehensive rating system. In addition to the required experience, licenses and certifications, every appraiser’s work is constantly reviewed and scored against our appraisal management oversight criteria.
Pro Teck is more than just a national appraisal management company. We offer a wide range of tools and products for home valuations, from BPOs to AVMs to our own gap/hybrid product, CollateralPoint®. CollateralPoint® combines cutting edge data and analytics with the oversight of a real estate professional, delivering an unbiased price evaluation at a competitive price.
We provide a wide array of appraisal services and products, in addition to a volume of residential appraisal reports. Currently, our appraisers can deliver the following reports:
To learn more about Pro Teck’s appraisal management services, contact us today.
Pro Teck offers a full suite of valuation products and services. We don't favor one solution over another - we review your requirements, your risk tolerance and all regulatory considerations in order to recommend the best solution.