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Compliance

At Financial Asset Services, Inc., we assist our clients in simplifying the fast and ever- changing national compliance landscape in the REO and Appraisal Management industry. The financial risks associated with today’s national real estate markets can be devastating, if not properly navigated. At FAS, we help navigate those turbulent waters in a safe and efficient manner. FAS remains compliant with all federal, state, and local laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act [“DFA”], federal, state appraisal independence requirements and Consumer Financial Protection Bureau [“CFPB”] appraisal regulations.

Organizational Oversight

  • Adherence to all facets of DFA, Appraisal Foundation, Appraisal Subcommittee [“ASC”], Interagency Appraisal and Evaluation Guidelines (IAEG), Uniform Standards of Professional Appraisal Practice [“USPAP”], Financial Institutions Reform, Recovery, and Enforcement Act [“FIRREA”] mandates and/or standards
  • FAS has implemented mandated Appraiser Independence Requirements [“AIR”] and undue influence internal controls
  • All state AMC licenses, surety bonds, and business licenses are monitored by our Risk Management Department to ensure that FAS is in good standing with all states including DC
  • FAS maintains Certificates of Authority [“COA”] in all licensed states including DC
  • FAS maintains ASC national registry reporting

Panel Member Licensing and Monitoring

  • FAS monitors ASC nationwide licensing notifications, as well as, FEMA, GSE, ALL REGS and industry/conduit notifications (e.g., FHA 4000.1 handbook)
  • Verification procedures are in place that ensures appraisal panel member licenses and E&O coverage are active and in good standing at the time of initial vetting and at order engagement. Procedures include internal system alerts for license and insurance expiration

Processing

  • Extensive review process completed by our in-house, licensed appraisers
  • Customizable Operations System in place to reinforce client specific requirements, due diligence and USPAP, FIRREA, IAG requirements and FHA 4000.1 handbook requirements
  • UAD delivery platform National panel of real estate appraisers and agents providing high-quality Appraisals and Broker Price Opinion’s [“BPO”]
  • TILA Compliant

Compliance Certification

  • FAS offers a Certificate of Compliance, certifying the appraisal was prepared and completed in accordance with all applicable federal and state regulatory rules and AIR mandates

REO Compliance

  • State-by-state HOA assessments and statute analytics
  • Compliant with Service members Civil Relief Act [“SCRA”]
  • In-house title curative services
  • In-house Ownership and Encumbrance [“O&E”] reports available to all clients
  • FEMA Emergency/Disaster Declaration notices provided to all clients.
  • Client Services – National Tax Service
  • Client Alerts – FEMA Declarations
  • Client Advisory (Quarterly/Ad Hoc) – State-by-state Vacant Property Registration [“VPR”] Matrix