Due Diligence and Ongoing Monitoring

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  • 1.  Appraisal Management Companies

    This message was posted by a user wishing to remain anonymous
    Posted 04-23-2021 11:06 AM
    This message was posted by a user wishing to remain anonymous

    We (a financial institution governed by the FDIC) have decided to add appraisal management companies (not individual appraisers) to our vendor management program.  In reviewing FDIC guidance on AMCs, it is pretty vague.  Does anyone else include AMCs in their program?  If so, how are you handling?


  • 2.  RE: Appraisal Management Companies

    Posted 04-28-2021 11:20 AM

    We review appraisal management companies biennially. We also verify that their license is active on an annual basis in our state registry (a legal requirement in our state at least). The firms we work with provide due-diligence around their practices to ensure that they are operating in compliance with all laws and regulations, evidence of liability coverages, information security policies, background check policies, and one provided a SOC report for the software vendor they utilize for their appraisal management functions.

     

     

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