Springhouse, founded in 2009 and a recognized full-service valuation solutions and appraisal management company, states that Morningstar Credit Ratings, LLC upgraded its residential vendor ranking to MOR RV1 as an asset valuation provider. Morningstar’s forecast for the ranking is Stable, the company announced in a press release.
Springhouse provides property valuation and appraisal services in all 50 states and five major territories in the United States.
The updated Morningstar ranking is based on a variety of factors, including:
- Springhouse has an effective corporate governance program that monitors the company’s compliance with appraisal independence requirements and the customary and reasonable fee provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The compliance group also ensures that the appropriate state licenses are in place and current. The company continues to obtain a Statement on Standards for Attestation Engagements No. 16 (Reporting on Controls at a Service Organization) Service Organization Control 1 report annually.
- Springhouse has strong vendor-selection criteria and vendor-rating standards that effectively measure vendor performance, as reflected in the execution of service-level agreements with its customers.
- Quality control standards are embedded in Springhouse’s proprietary and third-party technology, to help ensure that work orders received from vendors are thoroughly reviewed and those clients receive a quick report turnaround time and low revision rate.
- Springhouse benefits from a solid technology environment, a well-defined project management process, effective network security protocols, and a disaster recovery and business continuity plan that leverages the company’s geographically diverse office locations for built-in redundancy.
Springhouse has completed more than 3.5 million valuations since 2012 using its nationwide vendor panel of more than 30,000 brokers and appraisers. In addition to a full suite of appraisal and BPO solutions, the company provides innovative and alternative valuation products for use in originations, servicing and capital markets, the company stated.