Lenders

We are proud to offer appraisal management services and be your sole point of contact. Patriot AMC is a full-service appraisal management company. Our combination of experience, leadership, management, and streamlined process allows Patriot AMC to set the standard for customer service, professionalism, accuracy, timeliness, and regulatory compliance. We can manage all real estate appraisal and evaluation needs while keeping you compliant. We understand that turn times matter so trust Patriot to handle your orders with urgency and efficiency. Let us facilitate the entire appraisal process from order to review.

 

Three Reasons Why You Should Use Patriot Appraisal Management Company:

  1. Electronic ordering and report delivery
  2. No cost to you – reasonable fees passed on to the borrower
  3. Custom Solutions and Simplified onboarding process

 

How will you benefit?

  • One point of contact rather than dealing with multiple appraisers
  • More time and energy for the lending team to focus on more productive tasks
  • Save money on fixed costs such as payroll and staffing

All lenders want their closing to go smoothly, and the appraisal is part of the equation. Submitting the correct information upfront when the order is placed will make certain that their appraisal order doesn’t get delayed. Providing all the information ensures that we don’t have to go back and forth, requesting additional information over several days while the project is on hold.

 

Below is an extensive list of all the documentation you should have when placing the appraisal order through the portal.

 

Important information required:

  • Loan Type / Loan Program / Occupancy / Purpose
  • Form Type
  • Type for Property
  • Borrower First and Last Name – include second borrower information
  • Contact for accessing the property and contact instructions
  • Property Address and legal description

 

Instructions if there are unusual circumstances regarding the property

 

Order specific Information required by type:

Purchase:

Each purchase order should always include a fully executed contract, along with any addendums. If all the data is not available when the order is entered, upload what you have and please note when it will be available.

Please realize that a portion of the report requires the appraiser to analyze the contract, and the FHA has a requirement that the appraiser have the contract in hand to proceed with the report.

 

Refinance:

Contact information for the borrower or another party that may provide access to the home is a critical item in refinances, as they are usually the only ones that can provide entry access to the property. All contact information such as phone, email, texting capabilities/accessibility, and alternate contact persons will enable the appraiser to set the appointment sooner than later.

 

Tenant Occupied:

Investment properties and a tenant’s schedule can determine the appraiser’s ability to gain property access. Please identify a point of contact that has the ability to schedule around tenants’ schedules and gain entry to all properties.

 

Condo / Co-Op Questionnaires:

Some loans will require you to order a condo or co-op questionnaire, if the appraiser cannot obtain the answers through the normal channels, the delivery of the report may be delayed until that information can be gathered. Not having the data could result in a “Subject To” appraisal report awaiting the complex’s information. Appraisers will make every effort to find the information. If HOAs require a fee for this information, an appraiser may decide to increase their appraisal fee to cover the expense.

 

FHA Orders:

All FHA orders require the FHA case number. This ensures that the dates for the case number and the appraisal report match and do not cause any delays in getting the order processed. Most appraisers will require the FHA case number before they schedule an inspection. Reports that are completed “Subject To” repairs or completion require the work order/bid so that the appraiser is aware of the work being completed. The appraiser will also need the work order/bid to incorporate into the appraisal report so that all parties reviewing the file are aware of the repairs/renovations being completed.

 

Complex/High End Properties:

Include any special improvements that the appraiser should be aware of prior to the inspection for comparable selection. This can include but not limited to solar panels, pool/pool house, guest house, unique improvements, etc.

 

Acreage Properties:

The more information you can provide on these types of properties, the better- there can’t be too much information! In the order instructions, please include the number of acres, additional buildings such as shops, sheds, barns, corrals, arenas, that should be included in the report. Full number of acres being used for the loan and if the full acreage is not being included in the appraisal, it’s possible a survey will be required showing exactly what is included. Providing a survey will be very helpful and sometimes required by most land appraisers.

 

Desk and Field Reviews:

Typically, when these orders are placed, when there have been multiple revision requests or value rebuttals. We will not pull any appraisal reports from the system portal to have the new appraiser review. We want to get the most current report that you have to ensure that we are all considering the same file. In addition to the appraisal report that you want to have reviewed, please forward any additional documents such as contracts, addendums, surveys, etc., so that the Review appraiser has all the same information as the Original appraiser.

 

Conclusion:

If all the critical information is provided up front when the appraisal order is placed it will eliminate the need to request additional information prior to the due date. Our team at Patriot will do
anything we can do to help you and to make the ordering process as easy as possible.

Our appraisal reports are prepared to your specific underwriting standards. When we engage an appraiser, we give them your customized instructions on each order. We understand that in this ever-changing market we must stay a step ahead to ensure that you receive the precise report that the industry demands.

 

Order Cancellation:

An appraisal order can be canceled at any time, however, an order cancellation fee may be incurred depending on where the order is in the process. The minimum fee is $35. If the order has been assigned to an appraiser and they have started the report process they will also charge a fee. This is handled on a case-by-case basis. If you decide to place your order on hold, you will have 10 business days to re-engage your order or it will be canceled, and you will be responsible for the minimum $35.00 cancellation fee.