In May of 2009, with the introduction of Home Valuation Code of Conduct (HVCC), QRL Financial Services knew that the entire appraisal ordering and control process had changed and that adaption was necessary.
It was difficult to trust existing Appraisal Management Companies with the complex compliance requirements for loans that would be sold to Freddie Mac and Fannie Mae. QRL Financial Services made the decision to tackle the compliance responsibility head-on, and created an Appraisal Compliance department. Specialized processes and technology were developed in order to ensure that the entire experience would be seamless and easy to use for both Financial Institutions Partners and their local appraisers.
As HVCC transitioned into AIR (Appraiser Independence Requirements), QRL Financial Services found that Partners were using the QRL Financial Services Appraisal Compliance system for ordering reports on their own portfolio loans and on loans that they sold to other investors. Since then, QRL Financial Services has approved thousands of appraisers to provide our financial institution partners with quality appraisal reports and tens of thousands of appraisals have been completed with turn-times that rival any AMC.