The technology used by RSDS, LLC plays an important role in Appraisal quality. Our appraisers are required prior to delivering their finished reports to the client, to run the QC commands in the appraisal software, which triggers a set of rules to go against the appraisal report that will checked.
Every appraisal report is matched against UAD customized data points to ensure accuracy, consistency, and quality of work. The rules set will alert the appraiser if there is an issue with the report. The rules are robust and will identify everything from issues with the analysis to simple oversights such as missing photos. The software application is a strong tool to assist appraisers to continuously provide high quality reports as well as an invaluable tool for the RSDS, LLC Quality Control team.
Every Appraisal report managed by RSDS, LLC undergoes a Quality Control check prior to delivery to the Client. RSDS, LLC has three proficiency levels in our QC team. The depth of experience enables escalation at any point, and thereby reflects a risk-focused QC approach. Management is specific that the person performing the Quality Control Analysis must have the necessary education, expertise, and competence appropriate with the complexity of the appraisal assignment, property type, market, geographical area, intended use, and analytical methods. Or must escalate the report to the next higher level of a more experienced QC Team.
Level I Performs an administrative review for client-specific non-material related deficiencies, such as correct spelling of borrower’s name, correct spelling of property address, typos, incomplete address, product type ordered, missing sketch, location map, inadequate photos, use of comparable sales over 12 months per FNMA/FHLMC guidelines and or client requirements. In addition, check for possible red flags issues, such as line-item adjustments, net and gross adjustments per underwriting guidelines, the reasonableness of distance of comparable sales, large acreage, declining market areas, etc.
Level II Performs a technical appraisal review, escalated to this Level from Level I. Typical concerns such as complex appraisals, severely rapidly changing markets, lack of support in the appraiser’s opinions and conclusions are reviewed at this level.
Level III Escalated critical concern to Senior Management. The escalation process is flexible to the assignment conditions and elements and can occur at any time during the QC process, meaning it does not need to go through all levels to get to Senior Management. An appraisal report can be escalated from Level I to III, directly to the Senior Management.
Once the file is escalated from Level I to II or III, the QC Team will properly communicate with the appraiser, who will then formulate a response that addresses the specifics in the communication received.
Ensure that the completed report is run through alamode application software and all the rules results that need fixing are fixed.
RSDS, LLC also performs a weekly self-audit for two completed appraisals on an on-going and as needed basis, for multiple situations, including but not limited to client specific, geographic market area, property type, high dollar value properties, and internal per trainer. If a Trainer successfully passes the Weekly audit 4 times, then move on to Bi-weekly audits, then after 4 Bi-weekly audits they move to Monthly audits.
RSDS, LLC fosters a business environment where a learning relationship between a trainee and their trainer (certified appraiser) requires supervisory role to oversee the trainee’s work, so trainees may grow their knowledge, experience and understanding of the appraisal process.
RSDS, LLC policy requires trainers to commit to be available to the trainee for live training, assistance with questions and careful review of the trainee’s work.
RSDS, LLC policy enables our trainers (certified appraisers) to determine when the trainee, unlicensed, uncertified appraiser, or an appraiser trainee completes the property inspection, and the trainer (supervisory appraiser) is not required to also inspect the property. Our policy allows a trainee, unlicensed, uncertified appraiser, or an appraiser trainee to complete the property inspection when the client allows. This is based on increased growth in competency and the degree of independence and latitude allowed for, in the judgment of the supervisory appraiser.
RSDS, LLC quality assurance program provides processes for identifying, assigning, overseeing, and reviewing complex and non-complex assignments in compliance with secondary market underwriting guidelines, laws and regulations, standards, and rules.
By the end of our training period, trainees are given more responsibilities who demonstrated competencies in: