Everyone Is Afraid Of January 14

*Everyone Is Afraid Of January 14*
**By Tony Garritano**

TonyG***Want to make lenders uncomfortable? If so, just mention January 14. There’s a lot of fear about how our industry is going to be re-shaped after those new CFPB rules hit on that dreaded day. Here’s what I say in response, “Fear not, just prepare.” And some in the industry share my view. For example, in preparation for the January 14, 2014 CFPB effective date, a la mode released a multidisciplinary white paper entitled “Appraisal Quality Control:  Best Practices for accuracy, efficiency, and compliance.” Here’s why it’s a must-read:

****The recommendations and checklists are a collaborative result from three companies with direct experience in the processing of high volumes of appraisal transactions. a la mode’s Mercury Network team provided insight from its experience as the software providers for over 500 of the nation’s lenders and AMCs and the technology backbone behind over 30,000 appraisal deliveries a day. AXIS Appraisal Management Solutions, a national AMC, and MasterServ Financial, a solutions provider for loan portfolio management in the public and private sector, both contributed insight from the mass-volume efficiency and quality perspectives.

****“Effective appraisal quality control is high on everyone’s priority list as the industry balances appraisal quality, operations efficiency, and increasing compliance concerns,” stated Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “The industry is working hard to comply with all of these new appraisal regulations and frankly, no one has time to start from scratch and hope to build a compliant and effective QC process all by themselves. Sharing knowledge is a win-win for everyone.”

****The white paper can be downloaded at www.MercuryVMP.com/QC.