Real Estate Appraisal Service Partnership Program
How the Transition will Work
Contract with Partner
To utilize the appraisal service, the client will be required to execute a standard contract with our appraisal partner. This contract can be obtained from our Sales Department for review prior to signing.
Data Search will facilitate the process by acting on behalf of our client, obtaining the contract from our partner and presenting it to the appropriate client contact. Data Search will work to resolve any issues with the contract on behalf of our client.
Orders for appraisals and any service requests will be placed on the Data Search website. The order is routed directly to our appraisal partner and any follow up or status updates will be between our client and our appraisal partner directly.
All billing will be done by the appraisal partner direct to the client and all payments will be made direct from the client to the appraisal partner.
If a client is interested in this service, we can provide the appropriate information on our appraisal partner (i.e. Services Provided, SLA, pricing, etc.)
Real Estate Appraisal Service Partnership Program 2014
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed in 2010, brought about the most significant changes to financial regulation since the Great Depression. A very broad and complex act that included a section relating to real estate appraisals that affords a State the ability to require an Appraisal Management Company (AMC) to be licensed and pay an annual fee.
Our core business has always been that of a Multi State Title Agency simply providing appraisals to our clients as a convenience. Unfortunately many of the states that have since regulated disagreed and although we did not meet 100% of the requirements they established to be deemed an AMC we were still forced to comply.
As a recent article in the Wall Street Journal reported, the Federal Government is once again targeting the appraisal industry and specifically Appraisal Management Companies. This will in turn force states to adopt new regulations, which will certainly lead to increased fees to the AMC’s or those classified as such.
We believe that the title and appraisal industries should be separate but the will to provide our clients with valued added services took priority.
AMC’s are necessary yet they have their work cut out for them, as they will continue to be the focus of a rebounding real estate market. Dodd-Frank has made it impossible for Data Search to continue to act in the capacity that we have since 1978 but our desire to continue to service our clients has lead us to an alternative solution.
We have partnered with a leading Appraisal Management Company, Southwest Financial Services, to fulfill our clients appraisal needs. We chose them due to their high service standards, quality control and areas of coverage. Our clients will receive the same level of service that they have come to expect from Data Search with even more errors and omissions coverage than currently offered.
Ordering is direct with Southwest, but through our website, as to not disrupt an already streamlined process. After the order is placed the client will communicate directly with and be billed by Southwest. Data Search does not add ANY fee to the report and act only as an ordering source between the client and Southwest.
We believe this is in the best interest of our clients, providing a compliant solution that allows us to leverage the strengths of each company independently to provide the highest quality service to our clients and their customers.
We will begin this process in April and will be reaching out to each of our clients that have ordered appraisals during the past 12 months. We are available to answer any of your questions and address any of your concerns prior to switching your account over. We look forward to what the future holds for our industry and thank each of our clients for their support and cooperation.