Stands for frequently asked questions.
And, also, frequently answered questions.
Unfortunately, Pendo is not able to place an order with a local appraiser until the appraisal fee has been collected. We suggest that you or your borrower pay with a credit card when you place your order and arrange to have the expense reimbursed when the loan closes. Having the client pay for the appraisal upfront assures that your order will be processed as quickly as possible, and has the added benefits of discouraging your client from choosing to switch to another lender at the last minute. It also guarantees that you will not be left responsible for the appraisal fee if you are unable to close the loan.
An invoice comes with every completed appraisal package. It can be emailed or downloaded from your LOS. We also send out monthly appraisal statements.
When the client initiates payment. A payment link can be sent so the client or borrower can pay when the link is received.
We accept checks or credit cards. (We wish we could be paid in pizza and beer, but that doesn’t keep the doors open.) Please Note: All files must be paid before the order will be assigned if paying by credit card or check. If invoiced, the order can move forward. And you can send pizza anytime, just because.
The pricing for appraisals varies property by property and state by state. Our main priority is to ensure the appraiser is paid reasonable and customary fees.
The majority of our appraisals are completed within 7 business days in most metro areas. (In other words, feel free to go to the grocery store.) There are also market factors that can extend due dates, such as limited appraiser availability and increased market demand in a specific area. If you would like the order rushed, please place the order online and then give us a call to place the rush request.
We prefer that all orders are placed through our website. But if you are a new client, give us a call at 888.293.9643 and we can assist you.
It is almost a definite. Of course, we need to know what your area is before we can say for 100% sure. Pendo is a nationwide appraisal management company, and we have thousands of approved and certified appraisers that work with us. So chances are really, really, really, really, really good that the answer is yes.
How remote are we talking? If it’s on Mars, then no. Other than that, we have many appraisers who specialize in rural appraisals and have no problem handling these requests.
You may cancel your order anytime before the property has been inspected. Once the property has been inspected, the appraiser has done most, if not all of what is required to complete the appraisal report and will need to be paid for their work. If you suspect there is a significant chance your appraisal order will need to be canceled after it is placed, it’s best to have your client pay for the appraisal up front. Let your client know that the appraiser must be paid for completing a service, regardless of whether or not they close their loan, and inform them that you consider them responsible for the appraisal fee. Please be aware that an appraisal order is a legal contract and that the individual, or, in the case of someone acting professionally, the employer of the individual ordering the appraisal, is legally responsible for the appraisal fee.
Of course. Let us know the drop-dead due date and we’ll obtain a quote for getting the appraisal done by that date.
We find that everything is best settled with arm wrestling. (No, not really.) If you disagree with the value, fill out the Pendo client value appeals/compliance audit form and upload to your order.
Unfortunately, we can’t change the loan type on an appraisal report, so you’ll need to order an FHA appraisal and have a new inspection completed. If the change occurs shortly after the original report has been completed, we can often discount the cost. It does, however, depend on the appraiser and whether or not the market has changed since the effective date of the original report. Also, if the original appraiser is not FHA approved, there is no option but to order a new appraisal at full cost from an FHA-qualified appraiser.
Unfortunately, due to Appraiser Independence Requirements (AIR) you cannot choose or recommend an appraiser. However, we are always looking for new appraisers, so please feel free to direct them to our registration page.
You’ll need to place a new order in addition to your existing order by selecting the Final Inspection product.
Log into your LOS or Pendo website, and go to the loan that needs a revision. Click the “Revisions” tab and submit using the “Revision Request” button.
You can either log into your LOS or the Pendo website, and/or we can email it directly to you.
If you ask reallllly nicely. Again, kidding. If the appraisal is not completed, we can usually change the appraisal type. Please contact your client success advocate immediately to check the status of your file. If the report’s not complete and we’ve confirmed with the appraiser that we can change the appraisal type, you’ll be charged or refunded the difference. If the report is complete or almost complete, you’ll need to order an upgrade or a different appraisal type.
Uh-oh. Just kidding! Don’t worry, it’s there. On the home page of your account, select one of the search options under the ‘In Field’ dropdown box. To search for an older file, please select the ‘Placed’ option.
You can place your order for a residential or commercial appraisal anywhere in the United States via our website (thanks, Interweb!). You can also pay for the order or have your borrower pay through the website (again, the marvelous Interweb!). We’ll place your order with one of our approved national appraisers and work with you side by side until your order is complete.
It’s so easy. Just log into your account and select ‘New Order.’ You will be prompted with a new screen, where you will submit your information.
Pendo doesn’t just accept any appraiser. There is an enrollment process that qualifies potential candidates. (It’s no small task. See the list of requirements here.) Our enrollment system leverages automated technology to scrub our entire vendor panel against ineligible lists provided by the client before assigning every order. Additionally, we do checks against both HUD and ACS websites before assigning every order.
Got a mirror handy? Look in it and you have a pretty good idea. Because our clients are people pretty much like you … they have a need for appraisal services and value communication and partnership (you do value communication and partnership, right?) We are pleased to say that we have strong relationships with clients across a full spectrum of mortgage origination channels — Credit Unions, local and regional banks and correspondent lenders.
There are no client or appraiser sign-up or registration fees. So feel free to take that money and go buy yourself something nice.
Well, this is sort of a longish answer. So we’re breaking it down.
1. We initially look at the appraiser’s overall turn times.
2. Once the order is submitted to the appraiser, we ensure they accept the order in a timely manner.
3. We follow-up within 4 hours of assigning an order to see if they can accept, and follow-up within 48 hours to ensure they are scheduling the inspection at least 2 days prior to the due date.
4. We follow-up the day before the appraisal is due and the morning of the due date and then AGAIN in the mid-afternoon of the due date if appraisal is still not complete. Yeah, it’s a little staker-ish, but it does the trick.
5. If the appraisal is not received by 5pm CST, it’s considered late and we notify the appraiser that it’s overdue. (That is a message the appraiser does NOT want to get. Just saying.)
6. Once the order is late we follow-up with the appraiser continuously (again with the stalking) until it is received, and also notify the client immediately and provide status updates.
We look at a few things. 1) an appraiser’s competency, 2) Their availability based on their current orders, 3) how many orders the appraiser has completed in the last 30 days for each specific client and 4) the appraiser’s score, which is based on appraisal quality, service and turn-around-time. After taking all of these factors into consideration we contact the appraiser(s) we feel best meet the needs for each order.
Whenever you have a question. We have staff available nearly 24/7 to assist with your needs. And while we know the phrase “24/7” is a bit cliché, it’s true. Our phones ring right to our cell phones, which means someone will get back to you shortly. (We’ve even been known to return a call between kids’ soccer games on the weekend. Hey, whatever it takes.)
The Pendo offices are located in Lee’s Summit, Missouri. It’s a suburb of Kansas City, and we think you’d really like it. Come see us … we’ll put the coffee on.