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August 2017

Welcome to the August edition of Dart Board. In this issue, I wanted to delve into an AMC's compliance responsibilities, including how we handle compliance here at Dart.


Michael Dresden
Dart Appraisal

Dart Compliance Structure. Dart Appraisal's compliance strategy is overseen by Tracey Volltrauer, Vice President of Compliance and Process Control. Tracey focuses on compliance efforts for both state and federal regulations, as well as on fulfilling Dart Appraisal's own compliance plan. She oversees the company's document and policy management process, coordinates all non-financial audits, and serves as the liaison between state regulators and Dart Appraisal.

We also have a Compliance Team that Tracey leads, which is comprised of four other management and executive-level staff members here at Dart. The Compliance Team follows a state regulation review schedule. Each state's regulation/rule is reviewed twice per year and all adopted and proposed regulations and enacted and pending measures are reviewed weekly.

AMC Responsibilities. AMCs act as an agent of the lender, and the lender is ultimately responsible for the actions of the AMC it utilizes. While there is not a defined "checklist" of compliance activities an AMC is responsible for, below is a high-level list of items you should expect from any AMC.

  • Licenses in all states where they operate
  • A Compliance Management System in place
  • Educated/trained employees 
  • Dedicated compliance resources
  • Documented policies and procedures
  • Reviews and tests of policies and procedures
  • Appropriate regulatory reviews in place

Reputable AMCs are accustomed to being asked for copies of policies, procedures, training manuals, etc., so don't be afraid to request those documents from your AMC.

Fundraiser for MBA Opens Doors. Dart is a proud premier member of the Mortgage Bankers Association (MBA), and we are currently conducting a fundraiser for MBA Opens Doors Foundation. The Foundation seeks to aid, nurture and empower people and communities by developing and supporting programs that promote and defend sustainable homes for American families. MBA covers all administrative costs of the Foundation so donations can be given directly to the families. Dart's fundraiser is a cash drive being conducted in our office, but I encourage you to learn more about this great Foundation if you aren't familiar with it.

Dart Potpourri. It's been a busy few weeks since our last newsletter! On a personal level, I recently completed School of Mortgage Banking II, the second course required to obtain the Certified Mortgage Banker (CMB) designation. I have met some great people through these courses, and look forward to gaining even more insight into our clients' perspectives as I work towards my CMB.

In company news, earlier this month Dart attended the Florida Association of Mortgage Professional's Annual Convention and Tradeshow, as well as the Michigan Mortgage Lenders Association's Annual Lending Conference. Next week I'm headed to Nashville for the Mortgage Collaborative's Summer Conference, which is always a great event. Check out www.dartappraisal.com/events for a complete list of conferences we'll be attending, and to schedule a meeting at any of our upcoming events.

I genuinely enjoy the correspondence I've received from recent issues of this newsletter, and encourage you to share your questions, comments and suggestions with me at michael@dartappraisal.com. As always, if there is anything we can do to assist with your appraisal management needs, please don't hesitate to contact me. 

Thank you,

Michael Dresden
Dart Appraisal


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