At Nationwide Appraisal & Settlement Network we take the Dodd-Frank Bill and Appraiser Independence very seriously. We feel it is our responsibility to keep all parties compliant and up to date with industry guidelines when they work with our team.

Through continuing education and training, our staff has been involved in the creation of our processes geared towards ensuring that every level of compliance is met to protect all parties involved in a transaction.

We have a zero tolerance policy on value coercion by any party including any member of the loan production staff, NASN team member, and/or borrower. Our system is set up with levels of control that allows only certain information to be filtered from one party to another. That information does not and never will include information about expected or predetermined values or conversations about any values. This system enables the appraiser to complete the assignment and determine the value free of influence from outside sources.

Each appraiser is provided with a username and password to our secure site whereby they can freely communicate to their NASN team member any issues and or concerns they may have throughout the assignment of the file. All information is logged for reference and is available to the appraiser for work file updating. On our secure site, the appraiser is able to communicate with the NASN team member, retrieve orders, view accounts receivables, update their profiles, and upload reports.

We have procedures in place for appraiser selection, retention and compensation. Appraiser selection is done on a rotational basis and takes into consideration the appraisers proximity to the subject property, the appraiser’s qualifications, and the appraisers current workload.

We retain all appraiser profiles within our portal for easy access by staff members. Our appraisers can also access their profiles for easy editing of coverage areas and/or contact information changes. Our vendor relations department has secure controls in place to ensure that all compliance measures are met.

All appraisal fees are collected in house by a NASN production team member or is paid directly to NASN by the lender. Our staff coordinates payment with the borrower and payment goes out to appraiser within 30 days of completion. At no time will compensation be withheld or threatened to be withheld from the appraiser. All appraisers have access to our online system whereby they can keep track of their receivables and payables and ensure timely delivery of such. All appraisers are given direct access to our accounting department for any and all payment inquiries.

We have adopted all policies and procedures as a measure toward ensuring compliance with all parties. These policies are written and are stored in our company handbook for reference and adequate training.

You can request a copy of Dodd-Frank FAQ’s and any literature regarding our policies and procedures and compliance measures by emailing CTerra@myNASN.com.