Appraisal Panel RequirementsAppraisal Panel Requirements
Each appraiser applying to be added to the panel must provide QVS with their state certification, evidence of designations, education levels, current Errors & Omissions insurance coverage, resumes, referrals, and their specific areas of competency and geographic coverage areas. This documentation is stored in an electronic file for each appraiser and is updated regularly. Once the application and all required documents are submitted, our vendor management team completes an inquiry to state licensure and Appraisal Qualifications Board (AQB) compliance through the Appraisal Subcommittee website, as well as checks against the FHA roster. A review of the applicant's coverage area and specialized skills and assessment of the applicant's procedures for complying with HVCC policy is performed. We verify all documents including E&O insurance, and perform a full review of their work. All references are confirmed and verified. The appraiser is then on-boarded into our platform and ranked accordingly. The appraiser is then notified if they have been approved.
All work is reviewed in the beginning of the engagement with a new appraiser. Their rank is set to average and monitored closely in the beginning. After ten reports are completed and their quality score and service level is high, QVS will move their rank up to above average. After 6 months of top quality work and service the appraiser can achieve a best status. QVS uses an internal quality review tracker as well as internal scoring to assist in the evaluation process.
The qualifications for inclusion on the QVS appraisal panel include the following:
- State Certification Only
- Professional Designations Considered (MAI, SRA, IFA, and ASA)
- E&O insurance of at least $250,000 per occurrence
- Ability to deliver appraisals in a format required by QVS clients. (i.e. XML delivery capability, AI Ready, PDF, MISMO)
- Minimum of 5 years of credible appraisal experience
- Geographic Location and Competence
- Appraisers must have direct access to "All" appropriate data sources including, but not limited to local MLS and local public records