ANNAPOLIS, Md.–(BUSINESS WIRE)– Appraisal Logistics, the leading provider in compliance risk management for appraisal independence, today announced the continued success of their partnership with Graystone Mortgage, a division of Enola, Pa.-based Graystone Tower BancCorp. Graystone Mortgage depends on Appraisal Logistics to manage appraisals for more than $250 million in transactions each year.
Appraiser independence standards within the Dodd-Frank Act, known as AIR, is a code of conduct that no longer applies to just Fannie Mae and Freddie Mac; it now applies to all mortgage financing. Lenders are required to ensure appraisal independence in order to support the industry’s goal of reasonable financing.
“The rules have changed. Today’s lending environment demands the next level of service and expertise from any industry partner. We need an appraisal management company that can ensure 100 percent compliance while delivering quality appraisals, ” said Bob Rader, president of Graystone Mortgage. “We evaluated numerous firms providing appraisal management services and ultimately partnered with Appraisal Logistics because they deliver the level of communication and industry expertise that we need to run an efficient, productive and successful mortgage lending operation. We leverage Appraisal Logistics’ guidance daily, processing more than 100 orders a month on average.”
As the necessary third-party firewall for appraisal independence, Appraisal Logistics ensures fully compliant appraisals with a keen focus on fast turn-around time and customer service. With a nationwide network of highly qualified appraisers, the company is able to guarantee appraisal quality while maintaining an essential and trusted relationship with individual appraisers by supporting reasonable and customary fees. All clients have the option to manage their own exclusive appraiser panel with a nationwide network available if an appraisal is out of the normal geographic footprint.
Rader continued, “The Appraisal Logistics team knows the mortgage industry. The company understands the timing and demands under which a mortgage lender operates and keeps our business in the loop and prepared for all upcoming regulations.”
Frank Danna, CEO of Appraisal Logistics, added, “Using a third-party appraisal management company allows a mortgage lender to outsource the risk of the entire process to better use their own internal resources. Lenders do not need to build an internal risk management department, affording cost savings that are not just on a per loan basis. We are proud to provide Graystone Mortgage with this essential industry service.”
About Appraisal Logistics
Appraisal Logistics is the leading provider in compliance risk management for appraisal independence. With a team of industry experts and a nationwide network of highly qualified and trusted appraisers, Appraisal Logistics provides immediate and exceptional service to regional and community banks and standalone mortgage originators to ensure each appraisal is 100 percent compliant in a customized, customer-focused environment. For more information, please visit www.gotoals.com or call (443) 949-7862
