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.