Thursday, March 28, 2024 | The Latest Buzz for the Appraisal Industry

R3 AMC Introduces Val-Insure™ Program for Appraisal Bias Claims

R3 AMC, a full-service Appraisal Management Company (AMC) focused on helping lenders efficiently navigate the appraisal process, today announced the industry’s first insured appraisal solution, Val-Insure*, for both overvaluation inaccuracies and undervaluation due to appraisal bias and related regulatory and legal claims. This unique program combines mandatory bias training with enhanced errors & omissions (E&O) insurance to safeguard stakeholders.

“We developed this comprehensive solution to help protect lenders, appraisers, and R3 from claims of appraisal bias,” said Brent Jones, CEO, and Chief Appraiser at R3 AMC. “Bias has no place in the appraisal process. Our goal is to ensure, through education and quality control, that we have done everything we can possibly do to maintain the public’s trust. While for an appraiser, being accused of being biased is unthinkable, we are going to be there in case it occurs.”

Val-Insure includes three components to address and mitigate risk: education of appraisers delivering covered appraisals to reduce bias and discrimination; review of covered appraisals for potentially discriminatory content; and insurance coverage that protects against losses caused by claims of bias or discrimination.

Bias Training Systems, a subsidiary of R3, is the preferred training provider for Val-Insure. Conventional and FHA loans are covered under this program. The policy is underwritten by Hallmark Financial Services, a multi-line national property and casualty insurer. Unitas Financial Services serves as the managing general underwriter, and SSP Insurance Services acts as the originating broker.

“By combining R3’s policy with concise, practical, and high-impact appraiser training, we are confident R3 can help lenders satisfy risk mitigation requirements,” said Dan Streit, Owner of SSP Insurance Services.

About R3 AMC

R3 AMC is a full-service appraisal management company that has been providing lenders access to high-quality appraisal management and compliance since 2015. With a team of experienced professionals, R3 AMC is committed to providing exceptional service to its clients and helping them navigate the appraisal process with ease and efficiency. www.R3amc.com

About Bias Training Systems

Bias Training Systems, LLC was formed to address the need for practical, concise, and consistent appraiser and loan officer bias training. www.biastrainingsystems.com

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