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Disclaimers
- Please complete agent/appraiser registration completely. Incomplete registrations will not be approved by FAS
- BPO, REO and appraisal assignments will be generated by subject's proximity to vendor's office location. FAS is required by clients to use an agent/appraiser that is in the closest proximity to subject property
- Access to the FAS system will be given to the Vendor upon their first assignment with FAS
- Email Login and Password for first entry into FAS' system will be the Vendor's complete email address.
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Access Issues
Notify your specific Account Manager as to when the appointment has been set for access. If the access contact needs to reschedule or if the contact does not show up for the appointment, notify your Account Manager. Appraisers should make contact with the access person within 24 hours of order receipt; if the access contact is unable to be reached within the first 24 hours of assignment, please notify FAS immediately.
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Comparables
All comparables should be within the subject neighborhood and be as similar to the subject as possible in size and amenities. All comparable sales should be no more than 6 months old. If such comparables do not exist, it is acceptable to use comparables in a nearby tract, city, or county provided your comments justify their use.
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Deadlines
Meeting deadlines is critical. Appraisers must submit appraisals, with all required photographs, by the due date agreed upon at the time the appraisal was assigned. FAS will not pay for Appraisals received after the due date. Exceptions will be made only if FAS is notified within 24 hours of assignment. Failure to complete the appraisal on schedule will cause FAS to reassign the Appraisal order and remove your name from our vendor database.
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E&O Insurance
E&O insurance is required. Please provide proof of E&O insurance, if requested, along with the appraisal on or before the due date. If the appraisal is submitted without the proof of E&O insurance, then the appraisal is considered late.
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Interior Inspections
Include detailed comments about the condition of the interior. A sketch of the property must be provided with full appraisals.
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Map
Please provide a map pin pointing the subject property and all comparables used in the appraisal.
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Neighborhood Factors
Provide thorough comments on the neighborhood, particularly if the neighborhood is in decline or there are boarded up houses. Comment on any external negatives, such as location on a busy street, near railroad tracks, commercial buildings, airport flight path, or high crime. If the neighborhood is not in decline, positive comments are also required.
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Payment
FAS will submit payment for all completed appraisals within 90 days. If you have not been paid within 90 days, please email arlene@fasinc.com and provide the subject property’s address, loan number, date completed and billing information. Please be advised that FAS does not pay for appraisals, if it is determined that appraiser is providing an appraisal for the same property to another agency.
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Photographs
Exterior photos (3) should be of the front, side, and street view. Full Appraisals require pictures of EVERY room, including deferred maintenance (roof leaks, structural, curling, dated flooring, torn or stain carpets, etc.). A minimum of three comparable sale photos must also be included.
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Problems
Please contact your specific Account Manager immediately if you experience problems gaining access, locating the property, inclement weather, etc.
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Transmission
Upload appraisals in PDF format. If you are including an invoice, be sure to upload it as a SEPARATE attachment. Do not include the invoice in the body of the appraisal.
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Correct Form
Please use the corresponding form to the type of property that is being appraised. Should you have a question as to which form would best suit the type of property, please contact your specific Account Manager. Appraisals must be typed. Non-typed appraisals will not be accepted.
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Value Estimation
All appraisals should reflect fair market value. For this reason, sales contracts and any other previous valuations are not provided with the appraisal request. Certain clients will request both an as-is and an as-repaired value, along with an estimated cost to cure.
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Value Disclosure
DO NOT DISCLOSE THE ESTIMATED VALUE OF THE PROPERTY TO THE HOMEOWNER.
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VENDORS
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» Vendor Login
» Agent Application
» Agent Instructions
» Appraiser Application
» Appraiser Instructions
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