""Collateral Risk Solutions, Inc."":https://www.colrisk.com/ (CRS), a San Diego-based valuation due diligence firm, launched a new Appraisal Audit Service (AAS) to help lenders and appraisal management companies (AMCs) adapt to new regulations that require them to perform post-closing appraisal audits.[IMAGE] [COLUMN_BREAK]
In a release, CEO Joel Meredith explained that the service was designed to relieve lenders and AMCs from having to manage internal audits on their own and outsource for individual reviews.
""Our Appraisal Audit Service is primarily performed by our own staff of specially trained appraisal auditors,"" Meredith said. ""This allows us to maximize efficiency which, in turn, results in tremendous cost savings to our clients. Included in the service is a compilation of relevant performance data from each appraisal to assist our clients in assessing the strengths and weaknesses of the sample selected, and in identifying any problematic trends or areas in need of improvement.""
Appraisals are reviewed to ensure compliance with USPAP. An analysis of overall performance with proprietary scoring and a complete summary of findings and observations is also provided to clients.