New Technology Improves Appraisal Efficiency, Turn Times And Accuracy
AppraisalWorks, a provider of real estate appraisal technology, launched its flagship appraisal management technology platform. The AppraisalWorks platform is designed to streamline the real estate appraisal process, helping lenders, servicers and appraisal management companies (AMCs) achieve lower costs, faster turn times and greater transparency. The technology platform is so unique and innovative that it is patented under U.S. U.S. Patent 10,635,999.
AppraisalWorks is designed to be collaborative – bringing together all stakeholders in the appraisal process to improve efficiency, appraisal turn times and accuracy. Lenders, borrowers, processors, appraisers and the quality control team benefit from real-time communications, on-demand access to appraisal information and complete transparency throughout the appraisal process.
AppraisalWorks gives lenders and servicers a single, web-based technology platform for managing their own appraisals. Lenders and servicers can manage all appraisals and loan types from a single interface. With both the Community and Enterprise Versions of AppraisalWorks, lenders gain access to a nationwide, pre-screened network of licensed or certified appraisers. In addition, lenders have the option to onboard in-house appraisers and appraisal management companies.
AppraisalWorks contains many patented capabilities that set the technology platform apart from other vendors. Key features and benefits include:
- Built-in and customizable business rules ensure process and compliance adherence
- Process automation improves the efficiency and productivity of all participants, with patented workflows that span the full lifecycle of the appraisal process
- Ability to configure work queues and workflows to match each company’s unique processes and operating procedures
- Flexible, easy-to-use reporting and analytics allow for greater insight and business improvement
- Ability to set up and automate risk-based appraisal reviews, enabling lenders to set review priority and assign reviewers based on appraisal risk scores
- Comprehensive appraisal review capabilities, including UCDP/EAD delivery, to improve accuracy, lower revision rates and enable greater efficiency
- The option of multi-tenant or physically separated databases maximize data security while also improving performance and scalability
- Packaged interfaces to major loan origination systems ensures fast integration to existing systems
- Community lender solution enables lenders to be online in 24 hours; Enterprise lender solution enables bespoke configuration to meet all lender needs.
Lenders, servicers and AMCs have the option of using AppraisalWorks out of the box or private-labeling it to blend seamlessly with their brand.
“Whether it be for mortgage, home equity, refinance or loan portfolio valuation, real estate appraisals are a critical part of the home loan process,” said Mike Cullen, CTO of AppraisalWorks. “The AppraisalWorks technology platform has the power to help lenders, servicers and AMCs accelerate and streamline appraisal processes, improve adherence to compliance regulations and lower costs – while also providing a better borrower experience. Our patented technology is a great way for lenders to gain a strategic advantage in the market.”
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