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Understanding appraiser background checks
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Monday, September 8, 2014
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Appraiser background checks are becoming an essential component of lenders’ third-party risk management because of the heightened compliance environment that exists today.
Besides the impending regulations from the Appraiser Qualifications Board (AQB) of The Appraisal Foundation that mandate state appraiser regulatory agencies perform background screening for all candidates for a real property appraiser credential beginning Jan. 1, many lenders and AMCs have adopted appraiser background screening policies themselves as a part of best practices.
However, with the new policies in place and on the horizon, many appraisers across the country have been left to wonder how the new policies will affect them.
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