Many Chief Appraisers are dealing with FDIC auditors camped out in their office.
The regulators are digging deep, very deep.
The demands for meticulous documentation, clear communication trails and absolute compliance with regulatory standards can be overwhelming.
Every decision, every valuation and every interaction needs to be tracked and justified. The pressure is immense and the margin for error is slim.
When the FDIC and OCC audits come knocking, it can bring a wave of stress, paperwork and scrutiny.
Some regulators are less seasoned and don’t have a valuation background, adding some heartburn.
6 Ways to Keep You Calm
1. Centralized Communication Tracking: One of the most daunting aspects of FDIC and OCC audits is the need to provide a clear trail of all communications. YouConnect automates this process, tracking every email, every chat and every interaction within the system. With YouConnect, all correspondence regarding the order and audit logs on all modules are logged and easily accessible, ensuring you can provide auditors with precise and comprehensive records.
2. Property-Centric Organization: Traditional appraisal management often involves sifting through mountains of paperwork, trying to connect the dots between various properties and their associated documents. YouConnect flips this script by being inherently property-centric. All information related to a specific property -appraisals, communications, compliance documents is stored in one place.
3. Transparency and Accountability: Audits demand transparency and accountability. YouConnect’s robust reporting and tracking capabilities mean that you can demonstrate compliance with ease. Every step of the appraisal process is documented and performance metrics are readily available, showcasing your team’s adherence to regulatory standards.
4. Vendor Management: Your administrative burden is lessened by providing regulators a vendor management process – licenses are active and E&O are up to date. This streamlined workflow provides the confidence that the right appraisers are appraising the right property type with geographical competency.
5. Exceptional Customer Service: Navigating audits is made significantly easier with exceptional customer service. Realwired’s client success team is always ready to assist, providing expert guidance and timely solutions to any challenges you face. This ensures that you’re never alone in the process and you can rely on prompt, professional help when you need it most.
6. Glances Integration for Catching Mistakes: Our integration product Glances is designed to seamlessly connect your Core, LOS and YouConnect systems. This integration allows your RMs to avoid double entry, significantly reducing mistakes and catching bad data across platforms. Glances helps you maintain data integrity and avoid potential pitfalls during audits with consistency and accuracy between platforms.
How would it feel to be confident to get through an audit with less stress?
The regulators are camped out in your office.
Are you ready?
