How is CU Appraisal Services different from a typical Appraisal Management Company (AMC)?
As a CUSO, we are Credit Union owned and we only do business with Credit Unions. Plus, few AMCs take the time and initiative to remain current with all regulatory requirements and interagency guidelines. A lack of attention to the details results in increased risk related to costly non-compliance fines and loan repurchase demands. We continuously update our protocols to ensure appraisal integrity and adherence to regulatory compliance. Our attention to the details protects your credit union, its reputation, and its members.
We currently handle the appraisal process internally. How does using CU Appraisal Services improve the process?
It’s easy to lose your way in the changing regulatory landscape. And choosing CU Appraisal Services to manage the appraisal process not only ensures compliance, but also releases your staff to focus on the core business of originating, underwriting and servicing loans for your members. We drive down your operational review costs while improving the quality of the appraisals you receive. Engaging CU Appraisal Services affords you the option of redeploying both financial and human capital to better serve your members. Working with CU Appraisal Services saves you time and money while strengthening the credit quality of the mortgages you originate.
How does CUAS recruit appraisers?
CU Appraisal Services partners with qualified appraisers in credit union communities. In contrast to traditional AMCs who partner with the cheapest and fastest "vendor", CU Appraisal Services partners with only competent and professional appraisers.
Can our local credit union appraisers sign up to partner with CUAS?
Yes, we encourage your appraisers to join the CU Appraisal Services team. Working with CU Appraisal Services will improve their competency while affording them the opportunity to make more money.
What is your plan for dealing with the pending shortage of qualified appraisers?
Fewer people are entering the field due to increased education and training requirements while the industry's population is aging. According to a 2012 study conducted by the Appraisal Institute, 58% of current appraisers are over the age of 50 and only 11% are under the age of 35. No existing AMC has a plan in place to lessen this threat to the mortgage industry. Only CU Appraisal Services has implemented a strategy to mitigate this risk and ensure a reliable network of competent, experienced appraisers to support your future growth plans.
How long does it take for CU Appraisal Services to process an appraisal?
Our automated platform was designed by appraisers for appraisers. This foresight has streamlined the process for optimal efficiency. Our system is fast, efficient and effective. When you order an appraisal, the system automatically assigns it to the most qualified appraiser based on proximity and capacity. A site inspection is required to be scheduled within 24 hours, and unless there are issues related to scope, the appraisal report will be uploaded to our system within 72 hours from the time of inspection. Our turn-times not only meet, but exceed the best in the industry. Our clients have real-time 24/7 systems access with the ability to track the status of an assignment throughout the entire appraisal process.
Does CU Appraisal Services review appraisal reports?
Appraisal reports undergo a cascading review process for compliance, content and market viability. All appraisals must be USPAP compliant and meet additional requirements as applicable. Appraisals must be completed in accordance with the CU Appraisal Services Letter of Engagement. CU Appraisal Services reviewers utilize state of the art technology tools to verify data, identify risk and score the integrity of the appraisal. While our systems are state of the art, there is no replacement for an experienced appraiser in the review process.
How does the CU Appraisal Services model benefit our credit union?
We share your mission and your values. By choosing CU Appraisal Services, you ultimately save your members cost immediately and long-term. As you know, cost is not measured by just price. It's also measured by service, time savings, processing ease and quality. Your credit union and your members need - and deserve - the best provider in valuation services. CU Appraisal Services delivers.
How can we appeal an appraisal?
CU Appraisal Services has a web-based format that allows interested parties to appeal an appraisal and/or petition for a reconsideration of value. All appraisal appeals are monitored by our Chief Appraiser. Appeals will be considered based on the merits of data presented.