Axios Valuation Solutions, a Texas-based appraisal management company, has announced that its Regulatory Review Program will now be among its suite of services. The Regulatory Reviews are designed to meet the requirements outlined in the Texas Administrative Code. This program can also be used to ensure the quality of appraisals for regulatory compliance, quality assurance and pre-funding loan review.
“Many AMCs and banks are not aware of the Texas law requiring minimum independent compliance reviews on appraisals performed by AMCs or the deadline by which these must occur,” said Tony Pistilli, Axios’ chief appraiser. “At Axios, we are making a big push to ensure that our clients and the industry are educated on these constantly changing rules. The price for non-compliance is high. The Texas Appraiser Licensing and Certification Board (TALCB) may seek disciplinary action, including, suspension or revocation of [an appraiser’s] license and an administrative penalty of up to $10,000. Our goal is to make sure everyone is aware and taking the appropriate steps to comply.”
Each AMC is responsible for having reviews on a portion of the appraisal reports produced by them annually. The reviews must be performed by a Texas-licensed appraiser, with access to local MLS data.
“Axios Valuation Solutions has integrated with local MLS data to automatically and systemically validate the significant characteristics of the subject and comparables on every Regulatory Review,” said Pistilli. “Furthermore, certified appraisers have direct access to every MLS database within the state of Texas and access to MLS across the country along with national cost data to complete the reviews in compliance with USPAP Standard 3. The program leverages technology to validate the significant characteristics of the subject and comparable sales used in an appraisal, verifying the accuracy of the appraisal as well as identifying potential fraud, making Axios’ Regulatory Review Program a complete solution for clients nationwide.”