Pendo, a nationwide appraisal management company (AMC), has launched an automated USPAP (Uniform Standards of Professional Appraisal Practice) Standard 3 compliance tool to add to their list of proprietary technology solutions for appraisal management. The company has also developed an appraiser recruiting tool that helps its dedicated client success team find, track and engage appraisers for traditionally difficult assignments involving unique properties, or properties in high demand or sparsely populated areas.
USPAP Standard 3 “establishes requirements for development and reporting of an appraisal review assignment involving a real property or personal property appraisal,” according to the Appraisal Institute. Pendo’s proprietary USPAP Standard 3 review tool manages the appraisal review requirements set by each state. It allows the appraiser to look at the original appraisal, along with the review form and supporting market data, all in one view. The tool also tracks the number of appraisals Pendo has completed in each state and notifies Pendo when it is time to complete more reviews to meet the state AMC requirements. Housing the reviews and having access to necessary reporting within the tool satisfies the requirements for each state while automating the process and ensuring each appraisal is compliant.
Pendo’s quality and compliance efforts center on a configurable proprietary technology that allows each client to customize its quality control process according to its own unique requirements. “If lenders want to achieve the highest quality and compliance, they need to have performance-based metrics to review, analyze and make adjustments as needed,” said Jeff Sandman, co-founder of Pendo. “We give our clients the metrics to make informed decisions, and we’ll be doing a lot more in the future.”
To lead its quality and compliance efforts, the company recently hired Molly Hoskins, certified appraiser, as vice president of quality and compliance. This position and a continued focus on technology are part of the company’s disruption-based growth plan, which includes using advanced technology and other dedicated resources to elevate quality, compliance and service levels far above current industry standards.
The newly hired Ms. Hoskins will lead the company’s quality and compliance program, which includes growing Pendo’s use of proprietary technologies and metrics that not only assure appraisal quality and compliance, but also elevate client engagement.