Order Guidelines and Requirements – Valuation Network

For interior appraisals: CMS has a strict policy that initial contact must be made within 24 hours and report completion within 48 – 72 hours after interior inspection. We understand some files require additional time/effort and so do our clients; however, this is an exception not the rule.

Every file competed through our valuation network is reviewed by a collateral valuation reviewer, which is an absolute requirement of our clients. Each file is scored internally based on quality of the report, the responsiveness of the vendor to inquires/changes/corrections and turn-around of the file itself. CMS also randomly surveys homeowners to ensure prompt initial contact and professional behavior including dress (business casual is preferred, after all, we are professionals) during any contact between the homeowner/vendor. Again, this is a requirement of our clients.

Most correction requests are associated with clarification of a client requirement indicated in the CMS email order. Please be sure to read the entire order as our requirements change based on not only the client, but the client’s intended use of the report, as some orders are indicated to be based on hypothetical conditions.

For origination appraisals: CMS is a ultimately a collateral risk mitigation firm and as such has a strict ordering policy in that we do not allow the client to provide an indication of the estimated value for the subject property in any way, shape or form, as there is no space to indicate this on our order sheet; however, in the rare occasion this information is included in the order notes/commentary section and gets assigned to you without being corrected; please inform a vendor management representative immediately as this must be addressed with the client.

We at CMS want you to be able to actually appraise real estate without any pressure whatsoever. Additionally, our clients require a detailed market analysis for all full appraisal reports; the commentary must include detailed statistical support for your market conditions conclusion and can not be “boilerplate.” There are numerous available resources to find this information is many markets.

Important Note: Our clients have one other policy that if violated, will result in immediate removal from the CMS vendor network.  Any form of contact between the loan officers, party of the bank or anyone associated with the client, other than CMS and the homeowner at the time of interior inspection, is prohibited.

CMS’ quality valuation reports and due diligence focus has instilled the necessary confidence required by our demanding clients.  CMS provides a buffer or safety net between the valuation vendor and loan production staff.  If anyone other than the homeowner contacts you, for any reason, please immediately direct the party to our customer service department at 877-259-6192, option 4.