When it comes to the appraisal management industry, total compliance and company excellence are super important across the board. From the very beginning of Oxford Commercial Appraisal Management, our team has maintained strict compliance and implemented sound procedures for adherence with the Valuations Code of Conduct (VCC) and appraisal independence in its current form.
As a credited appraisal management company, we at Oxford strive to always lead with both excellence and compliance – in our eyes, the two go hand-in-hand, after all. Here’s how we believe an AMC can lead in the industry with those two standards.
Leading with Excellence and Compliance
From the moment we made our way into the industry scene, Oxford has been committed to three core principles – expertise, service, and independence – and these principles continue to guide the firm today. We strive to have each of our team members carry out the criteria we so strongly pride ourselves on. Here’s what we feel has been effective within our AMC in terms of maintaining our level of expertise and excellence.
Leading with Excellence
When dealing with an AMC and/or specific appraiser, it is important to ensure that you are teaming up with someone who is seasoned in their abilities. For example, the Appraisal Institute designates certain industry pros with the MAI title.
The MAI membership designation is held by professionals who provide a wide range of services on all types of property related to providing, opinions of value, evaluations, review, consulting and advice on investment decisions, among other things. Property types may include commercial, industrial, agricultural, residential, and vacant land, among several others.
To become a MAI-designated member of the Appraisal Institute, the specific appraiser must (according to the AI website):
- Have good moral character
- Be a Certified General Real Property Appraiser (or meet equivalency)
- Hold bachelor’s degree or higher (or be a Certified General Real Property Appraiser)
- Meet standards and ethics requirements
- Pass rigorous education requirement
- Pass a final comprehensive examination
- Receive credit for specialized experience that meets strict criteria
- Receive credit for the demonstration of knowledge requirement
These individuals have the necessary commercial property valuation experience and knowledge to produce a valuation that ensures confidence. MAI members agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Appraisal Practice, underscoring a commitment to sound and ethical professional practice.
Oxford’s highly-skilled and experienced appraisers, nearly all of whom hold the MAI designation, perform every technical review known to the appraisal process. Our firm continues to work with both lenders and regulators to offer unmatched third-party appraisal management expertise to financial institutions.
Providing Unmatched Service
As an AMC, it is important to provide your partners and clients with service that exceeds their expectations. Let’s take a moment to walk you through our specific process, and how we believe that this provides our clients with cream-of-the-crop service.
After you submit a request through Oxford’s online portal, our team bid’s out your project based on your list of approved appraisers – after all, because your local relationships are important to you, they are important to us.
We present you with the options we’ve compiled, and you choose the appraiser we will engage on your behalf. We believe our clients are our partners, and we pursue the completion of your project with the utmost efficiency and professionalism.
Furthermore, we keep our clients in the know! Even after all our direct communication and work is through, we at Oxford keep all documents available online for five years; granting access to our clients via unique login credentials. We operate from a high-availability secure system architecture that is fully customizable for the access and security levels you require. Our clients also have access to quarterly reports showing client and market/industry data… it’s just another way we strive to provide consistent and unparalleled service.
The U.S. federal government created appraiser independence requirements to prevent lenders from influencing appraisers from inflating property values. Thus, lenders would be prevented from issuing mortgages based on inflated appraisal values – a problem believed to have contributed to past housing crises.
When it comes to AMC independence, mortgage brokers, loan officers, nor homeowners may select the appraiser for the property on which they want to lend/borrow funds. Since the former parties have a financial interest in the transaction, there is a risk they might attempt to influence the appraiser to assign a higher value to the property than market conditions support so the transaction will go through.
When the system works correctly, the AMC chooses an appraiser with local knowledge of the market for the property being appraised. At Oxford, our reviewers are independent. We do not have an affiliated brokerage, which means no conﬂict of interest, and our reviewers do not compete for local assignments.
We ensure that both state and federal appraisal regulations are continuously monitored so we can adjust our processes accordingly. Turn your appraisal projects over to our experienced team at Oxford AMX, and we will deliver a reviewed, certified, and 100 percent compliant project while working with your staff and local approved appraisers.
Our quality standards are driven by both regulatory compliance and generally accepted appraisal practices that abide by state and federal standards alike. Our appraisal review process at Oxford AMC considers both compliance and risk.
- Appraiser Independence Compliance
- Banking and Thrift Regulatory Compliance
- Fannie Mae and Freddie Mac Compliance
- FHA & USDA Compliance
- USPAP Compliance
- Speciﬁc Lender and Investor guidelines
Are you ready to learn more about how you, as an AMC can lead with excellence and compliance? Are you, as a client and partner, ready to ensure that you are working with the best possible AMC on the market? To get more valuable info, reach out to the experts at Oxford AMC. We are always on hand and here to help our trusted friends and associates!