AXIS Appraisal Management Solutions, a national AMC specializing in residential real estate appraisals, evaluations and broker price opinions, has announced the launch of its Appraisal Quality Compliance (AQC) Report.
AQC provides a nationwide solution for independent appraisal review, including the stringent AMC review requirements required by the Texas Appraiser License and Certification Board.
AQC leverages AXIS’ proprietary workflow systems and technology to enable reviewers to efficiently perform consistent and reliable appraisal reviews. At the start of an order, the appraisal data is extracted from the original appraisal and provided for analysis and review. Supplementary public records data is provided to ensure accuracy at every stage of the process. Lastly, as the reviewer assesses appraisal report violations, the system assists in recommending an overall grade to the reviewer.
“As GSEs and lenders seek to reduce appraisal errors, it’s essential to have a robust independent appraisal quality and review program,” AXIS Executive Vice President Kim Perotti said. “AQC is a nationwide solution that provides a consistent review and grading process that exceeds the USPAP Standard 3 desk review requirements.”
“In my experience, one of the biggest challenges that AMCs and lenders face is ensuring high-quality and consistent appraisal review,” said Todd Rasmussen, vice president of sales for AXIS’ Appraisal Review Division. “AQC overcomes many of these challenges by developing reliable methods for grading appraisals that provides an effective solution for targeting and identifying deficient appraisals.”
As part of its new Appraisal Review Division, AXIS leverages its panel of experienced appraisers to perform AQC Review Reports. Each reviewer is required to be licensed or certified in the state of the original appraisal, as well as have access to local-market MLS and data sources. To fully support its panel with this process, AXIS Appraisal Management provides training and an additional in-house quality control review team to ensure consistent results.