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#2247678 - 01/14/21 06:03 PM Appraisal Rotation - by Company or License?
ComplyCycle Offline
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ComplyCycle
Joined: Dec 2014
Posts: 454
Hi, I know we aren't mandated to use an appraisal rotation process. However, if we do rotate appraisers should we be rotating by company or by appraiser license? For example, if we have six companies we use but one of the six companies has five licensed appraisers and the remaining companies only have one licensed appraiser each, is it best practice to rotate by appraiser license or by company?

Thank you.

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2247700 - 01/14/21 09:26 PM Re: Appraisal Rotation - by Company or License? ComplyCycle
rlcarey Online
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rlcarey
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Posts: 83,225
Galveston, TX
Are you able to designate to that one company which appraiser in their organization gets the assignment? What if they are not qualified to appraise that specific sort of property?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2247725 - 01/15/21 01:39 PM Re: Appraisal Rotation - by Company or License? ComplyCycle
ComplyCycle Offline
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ComplyCycle
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Posts: 454
Yes, we are able to designate a specific appraiser from that company so we'd only designate those able to appraise the type of property assigned.

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#2247726 - 01/15/21 01:42 PM Re: Appraisal Rotation - by Company or License? ComplyCycle
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
Then I think it is business decision as to whether you want three appraisers doing 75% of your appraisals. Sounds pretty consolidated.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2247727 - 01/15/21 01:56 PM Re: Appraisal Rotation - by Company or License? ComplyCycle
ComplyCycle Offline
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ComplyCycle
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Posts: 454
Understood - thanks for the feedback.

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