ISS Appraisal Process
ISS manually assigns each order which is then followed up with a “letter of engagement” to the vendor. Orders are assigned based on a combination of appraiser credentials, experience, availability, proximity to subject and past appraiser performance. Our operations specialists are assigned a specific geographic area that enables them to build relationships with the vendors.
ISS’s Residential Appraisal guidelines, policies and procedures are prepared in accordance with the standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP). ISS also complies with laws and regulations established through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In addition, our quality control process ensures each appraisal covered by UAD and the UMDP is transmitted to our clients in compliance with standards established by Fannie Mae and Freddie Mac.
ISS’s internal quality control evaluates and monitors ongoing performance of individual appraisers to identify report and correct noncompliance with USPAP. Our quality control specialists review each appraisal according to Freddie Mac and Fannie Mae guidelines as well as any lender specified requirement. Unlike many of today’s appraisal assembly line shops who utilize an automated review process, ISS manually reviews each order and uses the feedback to update the appraiser’s scorecard. The goal of the ISS Quality Assurance department is to deliver a report to our client who can take the report and make their loan decision without going back and forth with the appraisal vendor for additional corrections.
Our hands on approach to customer service and appraiser selection, combined with our ability to build our service around our client’s expectations, will allow us to meet or exceed all of your performance requirements.