Compliance
As your trusted partner, we assure that the products you receive meet all compliance and regulatory standards.
SSAE16 Type II Report
The completion of the Statement on Standards for Attestation Engagements 16 (SSAE 16) gives our customers the assurance that all data is contained within an infrastructure operated by rigid internal controls and processes.
AMC State Registration (click to see licenses)
In accordance with individual state legislation passed regarding Appraisal Management Company Registration, SingleSource is compliant with all states requiring registration.
Appraiser Independence
The Appraiser Independence Requirements (AIR) were promulgated in the Dodd-Frank Act and state that no one with an interest in the underlying transaction can select, compensate, coerce, extort, collude, bribe, induce, instruct or intimidate an appraiser, an appraisal management company, a firm or other entity conducting or involved in an appraisal for the purpose of causing the appraised value to be based on any factor other than the independent judgment of the appraiser. All GSEs (Fannie Mae, Freddie Mac, FHA, etc.) have adopted similar versions that contain similar restrictions. Our Appraisal Engagement Letters provide our AIR HOTLINE in which our appraisers may report any violations of appraiser independence.
Mandatory Reporting
SingleSource implements a standard operating procedure for the Mandatory Reporting provision of the Dodd-Frank Act for instances in which an associate has a reasonable basis to believe an appraiser failed to comply with USPAP, violated applicable law, or engaged in unethical or unprofessional conduct. The process ensures all instances are escalated to the SingleSource Compliance Committee for thorough review, tracking and action with the state regulatory agency if warranted.
Code of Conduct / Ethics
We conduct our business in accordance with all applicable laws and regulations. Compliance with the law does not comprise our entire ethical responsibility; rather, it defines the minimum, absolutely essential performance of our duties. Confidential customer, vendor and proprietary company information will not be disclosed to anyone without proper authorization.
To our Customers: We are committed to providing complete confidentiality, attention to detail, reliable product delivery and uncompromising service at a fair price.
To our Vendors: We are committed to a sense of responsibility required of a good customer and vendor.
Vendor Panel Management & Maintenance
At the time of new vendor on-boarding, we conduct a thorough review of prospect vendors prior to approval to our panel. The on-boarding review includes, but is not limited to, the examination of qualification criteria and documents, national registries to confirm certifications and licensing as well as disciplinary action claims against a prospect vendor at the state level.
Panel Maintenance
Our technology allows us to efficiently and effectively manage all vendor profiles, E&O and licensing requirements to ensure the products and services we provide our customers are completed by quality real-estate professionals. In addition, we conduct a comparison between the ASC Registry, a registry that discloses appraiser licenses and names in which a state disciplinary action resulted in a license suspension, license revocation and license voluntary surrender, to our active appraiser panel.
