Over the last 20 years, NVS has developed strong relationships with a national panel of over 20,000 active appraisers. Nations success is a result of our experience, accountability of our vendors, and our commitment to appraiser quality through panel education. We work very hard to improve quality at the core through proper vendor management and strict measurement of geographic competency, as well as the use of our detailed appraiser scoring process and its application to ensure proper vendor selection on every assignment. This further translates into improved relationships with vendors; the average tenure of our panel of appraisers is nearly 8 years. Management of our panel and holding our appraisers accountable for the actions is both intricate and invaluable.
Vendor scorecards are updated with every report submitted, using a detailed proprietary quality/service metric based on report quality, communication, and adherence to our strict engagement letter standards timelines. Every order, every appraiser, and every appraisal company is scored in real-time, ensuring that up to the minute figures are made available to our vendor management team during the assignment selection process. Our proprietary appraisal operating system, AppraisalTRAX, ensures that all applicable guidelines and standard appraisal business rules are met prior to acceptance of the report on our website. By tying this scoring system directly into our appraiser selection process, this ensures a higher quality report for you and your borrowers, and ensures knowledge and experience with every assignment.
More than just a scoring tool, the NVS Vendor Scorecarding system enables an intelligence-based assignment process that ensures rating always comes first. Rewarding those who perform, the highest scoring vendor in each market is given exclusivity to the assignment via our automated assignment system, and can receive “order alerts” and accept orders on the mobile device right from the field.
With 30 different state and federal legislation requirements establishing vendor disciplinary and mandatory agency reporting standards, compliance with panel management can be a daunting task for any lender. NVS’ Vendor Disciplinary Action Review Committee was formed with the objective of managing the exclusion and disciplinary process for its clients by creating an outlet for customer complaints and quality concerns. Spear-headed by our chief appraiser, NVS holds its vendors to the highest standards while remaining compliant with the changing legislative requirements.