{"id":203,"date":"2022-10-18T15:20:22","date_gmt":"2022-10-18T15:20:22","guid":{"rendered":"https:\/\/midlanticfs.com\/?page_id=203"},"modified":"2023-01-27T12:01:21","modified_gmt":"2023-01-27T17:01:21","slug":"appraisal-engagement","status":"publish","type":"page","link":"https:\/\/midlanticfs.com\/appraisal-engagement\/","title":{"rendered":"Appraisal Engagement"},"content":{"rendered":"\n

\n\t\tAppraisal Engagement & Management Services\n\t<\/h2>\n\t

When Customer Care Matters Most<\/p>\n\t\t\t\t\"ML\n\t

With the complexities of the federal banking appraisal regulation and Interagency Guidelines, it’s essential to find trusted experts who understand these intricacies to handle your collateral valuation processes. When you choose MidLantic Financial for your appraisal engagements, you get more than a service; you get a dedicated team who understand your needs and fully recognize that getting it right matters most<\/strong><\/em>.\u00a0<\/p>\n

Every single project that we handle on behalf of our clients, whether large or small, is treated with the utmost care and tenacity. We do this because we understand what’s at stake. Every project we manage represents a borrower’s hard work, livelihood, or dream.<\/p>\n

We take great pride in our work because nothing is more important than our commitment to our clients.<\/p>\n

At MidLantic Financial we have three goals:<\/p>\n

    \n
  1. Protect Our Clients<\/li>\n
  2. Deliver our Products and Services On Time<\/li>\n
  3. Make Our Clients’ Lives Easier<\/li>\n<\/ol>\n

    When we achieve these goals, we know we’ve made the difference our clients expect in their third-party service providers.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tSchedule a consultation\n\t\t\t\t\t<\/a>\n

    \n\t\tHow Our Appraisal Engagement Process Works\n\t<\/h2>\n\t

    Our appraisal engagement letters ensure that we keep our promises to each and every client right from the start. A well-prepared appraisal engagement does more than simply define project terms-it helps manage expectations for each party involved, so no one gets any unwelcome surprises along the way.<\/p>\n

    Since 2011, MidLantic’s seasoned team<\/a> has managed tens of thousands of complex residential and commercial real estate appraisal engagements with great success. As a result, we’ve developed a streamlined approach to the appraisal engagement process that ensures accuracy and compliance, delivering reports that properly identify the subject, value the correct property rights and provide all necessary values.<\/p>\n\t\t\t\t\t\t

    Step 1 – Engagement Request<\/h4>\n\t\t\t

    All of our clients have access to a custom comprehensive appraisal bid request form. To start the appraisal engagement process, a client first fills out this form with the necessary information, including property address, borrower information, and closing dates.<\/p>\n\t\t\t\t\t\t

    Step 2 – Identify\/Confirm Subject Property<\/h4>\n\t\t\t

    Once we receive a request, we first ensure that the subject is properly identified. For example, there have been cases where the purchase contract does not have the correct property address and cases where adjacent parcels should be included but weren’t originally identified as part of the subject.<\/p>\n\t\t\t\t\t\t

    Step 3 – Research Property Information<\/h4>\n\t\t\t

    Once we have determined that the subject is correctly identified, we dig right into one of the things we do best – research.<\/p>\n

    We thoroughly investigate the subject property, starting with any information found in the public record or adjacent parcels. Then, we go well beyond the basic research required and fact-check every single piece of information that will go into the letter, ensuring that the property is properly identified by legal definition, description of use, and by property rights. We also ask questions in order to gain a thorough understanding of the borrower’s intentions for the property, this way we can be sure all necessary details are presented for the appraisers to provide their very best bids.<\/p>\n

    Our meticulous attention to detail is a hallmark of MidLantic and it sets us apart from our competition. This allows us to correctly identify the client’s collateral to save our clients the stress of discovering critical information later, or worse, too late in the process. In other words, when getting it right matters most<\/i><\/b>. <\/p>\n\t\t\t\t\t\t

    Step 4 – Bid Request<\/h4>\n\t\t\t

    Next, we determine the best appraisers for the individual project, constrained by our clients’ approved appraisers list and based on our extensive experience in the market. We do this by taking into consideration certain priorities, including such factors as timing, past experience in the property type and\/or experience in the specific geographic market area.\u00a0<\/p>\n

    As MidLantic fully understands the need for accuracy, quality and credibility of all appraisal reports, we ensure that only the most qualified appraisers are asked to bid on assignments. Once we’ve identified the best candidates for the project, we request bids from generally at least three appraisers, and take the time to correspond with them should they have any questions. We always ensure they fully understand the request because nobody likes surprises.<\/p>\n\t\t\t\t\t\t

    Step 5 – Client Approval<\/h4>\n\t\t\t

    Once bids are received from the appraisers, we send them over to the client-on a blind basis, which preserves the independence in the process-giving them (and their borrower) the opportunity to select the bid based on deal-specific priorities, such as price or timing. MidLantic clients also have the added benefit of tapping into our extensive experience and long-standing appraiser relationships to gain insight and recommendations on who might best fit the assignment. Only after the client approves a bid are they notified of the appraiser selected.<\/p>\n\t\t\t\t\t\t

    Step 6 – Engagement Letter Creation<\/h4>\n\t\t\t

    Once the client has made a selection, we create the appraisal engagement letter to secure the appraiser’s services. In addition to notifying the appraiser that the assignment is theirs, we deliver to the appraiser everything that we have been provided by our client including rent rolls, leases, operating statements and contracts. During this stage, the client also receives a signed copy of the engagement letter.<\/p>\n\t\t\t\t\t\t

    Step 7 – Appraisal Management<\/h4>\n\t\t\t

    At this point, many banks and lenders have to spend valuable time and effort communicating with the appraiser when a question or concern arises. But when MidLantic Financial manages your engagement process, you can trust that a keen eye is watching over the assignment. We are there to help solve problems and check in with the appraisers frequently, ensuring they have the information they need and that the report will be delivered on time, freeing you up to work on your next project. <\/p>\n\t\t\t\t\t\t

    Step 8 – Appraisal Report Delivery<\/h4>\n\t\t\t

    Upon receipt of the appraisal report, our engagement team undertakes a preliminary review in order to ensure the following:<\/p>\n