Appraisal management company Nations Valuation Services (NVS) has tapped third-party risk-management solution provider Comergence to perform background checks and ongoing compliance monitoring of its field appraisers.
NVS said Comergence’s REALM for Appraisers solution will aid it in complying with appraiser verification regulations. The company said the solution updates any changes to an appraiser’s profile in real time, eliminating the need for it to perform redundant background checks and verifications.
“This has become a huge problem for appraisers, who spend their own time and money for each background check,” NVS Executive Vice President Stephen French said. “It’s been unbelievably frustrating for them.”
French said NVS considered other partners, but found that Comergence offered the most comprehensive solution that fit its needs and the needs of its appraiser panel.
“It meets the compliance requirements of our customers and simplifies the process for our appraisers, saving them money and aggravation,” French said.
NVS will provide Comergence with access to all of its appraisers nationwide. NVS appraisers will be able to set up a single, online profile that may be shared electronically with any AMC or lender they choose.
Russel Rice, an independent fee appraiser with Precision Appraisal Service in Parkersburg, W.Va., said many AMCs are requesting that appraisers provide them with a background check as a condition of admission to their fee panel.
“Every background check costs me money — plus every application I fill out increases the risk that someone could steal my identity,” Rice said. “Comergence makes it easy to get a single background check that my company can share with whomever we please for no additional charge. It’s a great idea with a reasonable price.”
Comergence has compiled a database of more than 400,000 records on every licensed mortgage originator and more than 100,000 licensed and active appraisers in the country, along with aggregated and appended industry-specific data that provides clients with information needed for proper third-party risk management.