WE TAKE COMPLIANCE SERIOUSLY
Summit understands the importance of compliance with regulatory guidelines and legislative mandates to the integrity of the appraisal process. To this end, we have established the following policies and procedures:
- Every appraiser is licensed in the state in which they practice.
- Guidelines are followed to ensure an appraiser’s objectivity is maintained throughout the appraisal process.
- The appraisal selection process is completely automated and free of bias; appraisers are selected from a panel of licensed appraisers based on a scoring matrix.
- We maintain a separation between appraiser and lender (or partner on behalf of the lender) and do not disclose an appraiser’s identity until the appraisal report is complete.
- Appraisers are never provided with a desired value for a property or target amount for the loan.
- We will not provide conditions for an appraisal or payment based on an opinion, conclusion or valuation to be reached or a preliminary value estimate requested by a lender.
- Appraisers are required to supply additional information or explanation about the basis of a valuation when there is any doubt or factual errors.