ValuTrac Software Blog

Until now, ValuTrac was a 100% residential appraisal management platform. ValuTrac now offers enhanced functionality to efficiently manage commercial appraisal work flow, from start to finish.

The commercial funcitonality provides our customers with the flexibility to manage the entire appraisal work flow process, both commercial and residential in one platform. This enhancement to ValuTrac, gives all ValuTrac customers the flexibility to utilize one repository for all appraisals.
 
The Commercial Features within ValuTrac include: 

• Customized commercial appraiser registration page.
• An appraisal bid process that helps manage each commercial appraisal assignment and acceptance, send bid requests to multiple appraisers/appraisal firms directly from ValuTrac.
• Automatically track all bids, start to finish within ValuTrac.
• Customized commercial appraisal order form, specific to commercial appraisals.
• Enhanced commercial quality control status area, including reviewer specific assignment.
• Integrated real-time commercial appraisal dashboard, know the status of your appraisal every step of the way.
• A commercial-focused quality control checklist with user-directed customization.

The ValuTrac platform now offers our customers the flexibility to manage both commercial and residential appraisal work flow in one environment, if you need an easy-to-use appraisal management solution Book a ValuTrac demo today! 

If you have any questions regarding ValuTrac and the new commercial functionality, please feel free to contact John Sisson at 972.996.3207.  

A major milestone for Texas consumers and appraisers was achieved with the signing by Governor Perry of HB 1146 (AMC Bill). This bill requires the registration and regulation of appraisal management companies doing business in Texas. Passage of this bill is the result of a process begun two-years ago by the Foundation Appraisers Coalition of Texas (FACT). There were a number of phases to the process beginning with identifying the needs of appraisers, crafting language for a bill, soliciting input from FACT members and other appraisers, working with/supporting bill sponsors, testifying before legislative committees and negotiating final bill language with other stakeholders. Meetings soliciting the opinions of appraisers were held throughout the state as well as numerous project team meetings in Austin.

While the list of FACT members who contributed to our success is extensive, special recognition of the efforts of Terry Clark, Past President of FACT, Sara Jones-Oates, current FACT Treasurer/Secretary and Chair of FACT’s Legislative Management Team and Brian Hearne, Chair of the AMC Project Team are especially deserved. Also, without the efforts of Amy Ables, FACT Executive Director and Roger Miller and Gavin Massingill, FACT Consultants, we could not have achieved the passage of this bill.

While Governor Perry signed the bill late last week, the assessments are already coming in:

“The new Texas AMC law is amongst the strongest of the 27 laws enacted to date . . . The reasonable and customary fee provisions included in this law are . . . very strong . . . AMCs are required to have an internal dispute resolution process in place that appraisers can utilize if they feel as if they have not been paid a reasonable and customary fee.” Scott Dibiasio, Appraisal Institute, Manager, State and Industry Affairs

“The Texas AMC Bill provides many protections for the residential appraiser in Texas and also the consumer. Significant issues such as the full disclosure of appraisal fees, appraiser independence, and the further study of customary and reasonable fees in Texas are addressed. These are all significant issues in promoting integrity in the mortgage lending process and will benefit both consumers and appraisers.”  Brian Hearne, Chair, FACT AMC Project Team

HB 1146 Summary
While the scope of the bill is quite extensive, some of the highlights of the bill include the following requirements:

Appraisal Review
A person who performs an appraisal review for an appraisal management company must be licensed or certified with at least the same certification for the property type as the appraiser who completed the report being reviewed.

Competency of Appraisers
An appraisal management company must verify that the appraiser receiving the assignment satisfies the competency rule of USPAP for the appraisal assignment.

Compensation of Appraisers
Except in cases of breach of contract or substandard performance of services, payment must be made to an appraiser for the completion of an appraisal or valuation assignment:
• Not later than the 60 days after completion of the assignment; and
• Appraisers are to be paid a rate reasonable and customary for appraisals and consistent with federal law.

Real Estate Center at Texas A & M University Study
An independent study is to be conducted by the Real Estate Center of reasonable and customary rates of compensation for appraisals performed by appraisers in various market areas of the state. The study is to be completed by November 1, 2012.

Statement of Fees
In reporting to a client, an appraisal management company shall separately state the fees:
• Paid to an appraiser for the completion of an appraisal; and
• Charged by the company for appraisal management services; and
• And appraisal management company may NOT:
• Prohibit an appraiser from recording in the body of the report the fee that the appraiser was paid; and
• Include any fees for appraisal management services performed by the appraisal management company in the amount the company reports as charges for the actual completion of an appraisal by an appraiser.

Removal of Appraiser From Appraisal Panel
The appraisal management company MUST:

• Notify the appraiser in writing of the reasons for removal from the company’s panel;
• Identify to the appraiser the nature of the alleged conduct or violation; and
• Provide an opportunity for the appraiser to respond in writing to the notification.

Click here for a copy of the final Texas AMC Bill.

The above was provided by FACT - The Foundation Appraisers Coalition of Texas.

ValuTrac University will offer online continuing education options in the real estate, appraisal, and home inspection professions nationwide, in partnership with McKissock 100% Education. Through this partnership, ValuTrac appraisers will now have the opportunity to purchase online CE courses at a discount off the McKissock retail price through the ValuTrac University website.

“We are excited about our partnership with McKissock and the opportunities this will provide ValuTrac’s 6,000 appraisers nationwide. Launching ValuTrac University, gives not only all of our ValuTrac appraisers, but appraisers nationwide, the access to quality courses through an accredited source, at a discounted rate,” said Clint Cornett, CEO of ValuTrac Software.
 

McKissock 100% Education offers online education to appraisers in all 50 U.S. states and three territories. An education provider for more than twenty years, McKissock strives to provide students with an experience that regularly exceeds their expectations.
 

McKissock is pleased to offer online education options to ValuTrac appraisers through this new affiliation,” says Tony Thrift, president of McKissock Connections and manager of McKissock 100% Education’s partnership program. “McKissock’s virtual classroom is the perfect solution for today’s busy professional, providing an experience that is not only educational, but also fast, easy, and affordable.”

For more information about ValuTrac University click the below logo or contact, Christie Schutt, 972.996.3204.

Uniform Appraisal Dataset (UAD)
In an effort to enhance appraisal data quality and consistency and promote the collection of electronic data, Fannie Mae and Freddie Mac, at the direction of their regulator, the Federal Housing Finance Agency (FHFA), have worked together to develop the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data portal (UCDP).
 
The UAD is required for appraisals with effective dates on or after September 1, 2011 that are completed on the four UAD appraisal report forms. Only conventional mortgages sold to Fannie Mae or Freddie Mac that are accompanied by one of the four UAD appraisal report forms must meet this requirement.

Other appraisal report forms may be completed using the standards contained in the UAD Specification to the extent those standards are applicable to that particular form. In addition, although not required, the UAD may be used for appraisal reports with effective dates prior to September 1, 2011.

Uniform Collateral Data Portal (UCDP)
In a collaborative effort the UCDP was developed to serve as the joint portal through which lenders will submit electronic appraisal reports to Fannie Mae and Freddie Mac. 

Effective for all conventional mortgage loans for which an appraisal report is required and with application dates on or after December 2, 2011 and delivery dates on or after March 19, 2012, the following appraisal report forms, including all exhibits, addenda, and photographs, must be submitted to the UCDP before the delivery date of the mortgage loan to Fannie Mae or Freddie Mac. This includes the four UAD appraisal report forms and four additional forms:

• URAR (Fannie Mae Form 1004)
• Manufactured Home Appraisal Report (Fannie Mae Form 1004C)
• Small Residential Income Property Appraisal Report (Fannie Mae Form 1025)
• Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073)
• Exterior Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae Form 1075)
• Exterior Only Inspection (Fannie Mae Form 2055)
• Individual Cooperative Interest Appraisal Report (Fannie Mae For 2090)
• Exterior Only Inspection Individual Cooperative Interest Appraisal Report (Fannie Mae Form 2095)

The submission to UCDP must consist of either an XML data stream, including an embedded PDF file, or a first-generation PDF file. The PDF file must include all exhibits, addenda, and photographs, including Fannie Mae Form 1004MC.
 
How do you prepare for the UAD?

• Complete the UAD Tutorial - Using the Uniform Appraisal Dataset
• Develop a UAD implementation plan for your company
• Discuss with your appraisers and/or Appraisal Management Companies (AMC)
• Ensure appraisal reviewers and underwriters are familiar with the UAD requirements
• Prepare to use the UCDP, available on June 27, 2011 but not required with delivery dates prior to March 19, 2012

UAD/UCDP Training Opportunities

To assist you in preparing for these requirements, Fannie Mae is offering a number of free online webinars:

• Overview of the Uniform Mortgage Data Program
• UCDP Business Process and Implementation
• UCDP Lender Administrator, Setup and Registration
• UMDP - Fannie Mae Website
  Measure Your UMDP Implementation Success - Click Now

Be prepared, take the necessary steps for the upcoming changes, if you have any questions about implementing these changes across your organization, contact us at 972-996-3204.

Cityside Management Corporation, HUD M&M III Asset Manager is now using ValuTrac throughout its organization to efficiently manage appraisal workflow across a nine-state region.

Cityside wanted a simple platform that was easy to execute throughout their company. They were using an inefficient system of managing their appraisals by email. ValuTrac solved that problem, with an online appraiser registration link. Now all appraisals are managed in one simple platform across the company.

"No learning curve, up and running in days!"

Managers were amazed at how easily and quickly they were able to begin using the software and immediately found that they could save hours of operation and streamline their efforts with a few mouse clicks. Echoed from users: "... easier and faster once you do start using ValuTrac."

Cityside now has:

• Significant Operational Efficiency
• One Repository for all Appraisals
• Batch Appraisal Ordering Capabilities
• A Simple Online Appraiser Registration Link
• Automated Tracking of Each Appraiser's License
• Current Errors & Omissions Insurance for Each Appraiser
• Real-time Status of Every Appraisal

Contact Valutrac for your company's appraisal management solutions.

ValuTrac customers benefit by having instant access to a nationwide network of qualified real estate appraisers.

The ValuTrac Appraiser Network is a nationwide network of real estate appraisers available to our customers within our ValuTrac software. All ValuTrac customers have the ability to complete an appraiser search within the ValuTrac Appraiser Network and engage them for their services.  

By being in the network, ValuTrac registered appraisers gain exposure to all of our ValuTrac customers and the opportunity to receive appraisal orders from new clients. A real opportunity for new business.

Today, the ValuTrac Appraiser Network has over 3,000 appraisers nationwide.

• Build relationships to reach out to customers and prospective customers.
• Listen to our customers' business problems and propose meaningful solutions.
• Make each customer experience helpful, friendly, and positive.

When you call we are here to help, a real person who gets you the help you need immediately. We have live customer support Monday - Friday 8:30 - 5:30 (CST) (excluding national holidays). Email support is available 24/7 at support@vtamsoftware.com

Solve The Problem - FAST!

On average, in the software industry it takes time to resolve most support calls. We do better because we try harder - we close nearly most of our support calls the same day. 

Our customers' success is our number one goal.

If you have questions regarding our support philosophy or about our ValuTrac software, please contact us at 972-996-3204 or request a demo and we will show you a live demo of our ValuTrac software.    

The Appraiser Independence Requirements were developed to replace the Home Valuation Code of Conduct (HVCC). These requirements:

• Protect the independence of appraisers and the integrity of their appraisals.
• Extend these important protections for home buyers, mortgage investors, and the housing market.
• Reinforce Fannie Mae's commitment to responsible lending and mortgage quality standards.

For implementation details and supporting information, please refer to Announcement SEL-2010-14 and the requirements.

For more information on Fannie Mae appraisal requirements, visit their Appraisal Resource page.