In response to new regulations requiring lenders and AMCs to perform post-closing appraisal audits, Collateral Risk Solutions Inc. (CRS) launched its new Appraisal Audit Service (AAS). According to chief executive officer Joel Meredith, AAS was designed to relieve lenders and AMCs from the hassle of managing internal audits on their own and having to outsource for individual reviews. 

“Our Appraisal Audit Service is primarily performed by our own staff of specially trained appraisal auditors,” CRS explained in its announcement. “This allows us to maximize efficiency which in turn results in tremendous cost savings to our clients. Included in the service is a compilation of relevant performance data from each appraisal to assist our clients in assessing the strengths and weaknesses of the sample selected, and in identifying any problematic trends or areas in need of improvement.”

Appraisals are thoroughly reviewed for USPAP compliance, plus an analysis of overall performance is given along with proprietary scoring and a complete summary of findings and observations. Nationwide coverage and multiple report/pricing options ensure client satisfaction.