1) How do I order an appraisal?
Go to www.actappraisal.com. Click on “Log In” and select “Existing Client Log In” if you have already received a login from ACT. If you are a new client, click on “Sign Up” . A login will be sent via email to you shortly. Once logged in, click on “Place an Order” in the top left hand corner. An easy to use order form will be available to place your appraisal order.
2) What forms of payment are accepted?
We accept all major credit cards: Visa, MasterCard, American Express and Discover. Please note that payment is processed before the order will be assigned.
3) How is the appraiser chosen?
When you order an appraisal, your dedicated team members at ACT choose the appraiser based on experience, geographical competency, workload and internal ranking. We utilize a national network of certified appraisers to meet our client’s aggressive deadlines and quick turnaround times for appraisals in all 50 states. All correspondence between the lender and the appraiser will be done via our staff. ACT will monitor all correspondence on the website before forwarding it on to either party. These correspondences are available 24 hours a 7 days week via the website. ACT will also provide status notification via email to the person who places the order.
4) How is the appraiser compensated?
All of our appraisers are independent contractors who are paid based on a prearranged fee schedule. There are no additional incentives offered to the appraiser, such as fees or additional workload, based on their value conclusions. ACT pays the appraisers on average 80 percent of the total fee collected.
5) What procedures are in place to ensure compliance and Appraiser Independence?
ACT Appraisal is in full compliance with all recent Fannie Mae and Freddie Mac guidelines, subsequent to the departure of HVCC. We are also fully compliant with Appraiser Independence, which went into effect as a result of the Dodd-Frank Act. We are pleased to say that we have been conducting business by many of the same guidelines promoted in the HVCC and Mortgagee Letter 2009-28 for over 10 years. ACT Appraisal also adheres to USPAP and GSE guidelines.
6) What are your turnaround times from order placement to order completion?
Our online tools facilitate communication with both the appraisers and clients to provide real-time access to information 24 hours a day, 7 days a week. The appraisers will contact the borrower within 24 hours of receiving the order and schedule an inspection within 3 business days*. After inspection of the property, the appraiser is expected to turn in the completed appraisal within 24-48 hours. The quality control department will QC the report within 24 hours of receipt. The total turnaround time from order placement to order completion is 5-7 calendar days.
7) What is your geographic coverage?
ACT Appraisal covers the entire United States with our appraiser panel of 5000 certified appraisers.
8) What is your internal system and process?
ACT Appraisal utilizes secure web-based management software. This secure web-based ordering system is the number one appraisal office management system available, with thousands of appraisers using it daily. Several LOS’s are fully integrated with ACT to provide a seamless transition in the appraisal ordering process. In addition to our software, we are compatible with several other management software systems. We have dedicated team members that handle each client’s orders resulting in familiarity and a relationship developing between the client and ACT. Our goal is to improve your productivity while keeping you compliant.
9) What is your quality control process?
Each and every appraisal is manually QC’d by our certified appraisers in the quality control department based on industry standard rule set, appraisal guidelines, and/or our client’s specific underwriting overlays.
10) Who do I contact if I have questions regarding a particular order?
Upon signing up with ACT, your dedicated team members will be assigned to you. Call our toll free number 888.377.8901 and your team member will assist you with your question(s).
11) Who do I contact to set up our company?
Please call 888.377.8901 or email firstname.lastname@example.org and one of our business development team members will walk you through the quick set up process.
12) How do I submit an appeal?
We now have an easy online submission form on our website. Please fill out with the corresponding information and submit. Your ACT team will contact the appraiser to correct/consider the appeal.
*3 Business days is contingent upon all parties being cooperative. Typically scheduled sooner with cooperative parties.