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As a bank, we scope out appraisers for various reasons: (1) they are vetted and approved by our Appraisal department, (2) their work and work product is monitored, reviewed and scored by our Appraisal department, (3) they are registered, licensed and subject to governmental scrutiny, (4) they have limited access to PPI (eg only the borrowers applying for the loan), (5) they are subject to corporate requirements for the Appraisal Company employing them, (6) their service is transaction (no guarantee they will get more business from us), etc.
Original Message:
Sent: 08-31-2021 11:06 AM
From: Anonymous Member
Subject: Appraisers/Appraisal Companies - Why are they scoped out of monitoring?
This message was posted by a user wishing to remain anonymous
We have just recently written our TPRM policy which includes a section for vendors that are scoped out of our Program. In that list we included appraisers, as I was under the impression that there wasn't much on-going monitoring that could be done and I've never turned up much information on what type of review and on-going monitoring would be especially beneficial when I've tried to research in the past, but now our audit group is pushing back some and asking why we wouldn't consider an appraiser organization to be a key relationship.
If you scope appraisers out of your program, can you tell me why? Also, for further context, I do work for an insurance company.