After months of successful beta testing with national financial institutions, the Designated Appraiser Coalition (DAC) announced that its new compliance product, FICAP v1.0, is ready for general release.
This web-based service application is the brainchild of executives and compliance officers who lead (DAC), a national organization of 400-plus valuation service professionals who are designated members of the Appraisal Institute.
“FICAP (Financial Institution Compliant Appraisal Practice) is our response to the ongoing and increasingly misunderstood bevy of federal regulations imposed on financial institutions,” said Greg Johnson, a Florida commercial real estate appraiser and DAC founding member. “Although some large national banks spend millions to develop and support their own technology at significant cost to their customers, smaller community and even large regional financial institutions don’t have the resources to develop and deploy the technology systems required to efficiently conform with regulatory requirements.
“As professionals, we saw the opportunity to assist our mortgage lending colleagues and created FICAP as the solution to resolve their risk and compliance issues,” added Johnson.
FICAP Chief Compliance Officer Cheryl B. Bella, said the product streamlines the appraisal and review management process as it helps maintain regulatory compliance and separation between the institution and the appraiser.