Appraisal management companies (AMCs), increasingly under fire after implementation of the controversial Home Valuation Code of Conduct last month, are not the barrier to efficient appraisals they have been made out to be, and offer significant value to the process, according to one Waltham firm.

AMCs "add substantial value by providing consistent high quality appraisals that are uniquely independent from the influences and fraud that went unchecked in recent history," according to Pro-Teck Services of Waltham.

Pro-Teck said that in addition to providing a "firewall" between loan officers and appraisers, a good AMC ought to manually review all appraisals, use clearly defined quality assurance processes that assess the appraisers logic and methods and execute a review process that integrates market and demographic data.

AMCs also have added benefits in the selection and management of appraisers, including: Complex scoring models quantifying quality, turn-times, responsiveness and proximity to subject property in unbiased blind selection of the most qualified appraiser; additional protection, including blanket errors and omissions insurance, auto and general liability policies and warranty programs that protect lenders and their customers; and independent and uniform verification of license, insurance and good standing of all approved appraisers.

Established in 1977, Pro-Teck Services works with lenders, servicers, investors and insurance underwriters to improve risk management through real estate collateral information.