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How Does AppraisalLink Work?

AppraisalLink™ is an Internet based system that links the mortgage professionals with the appraisal process.  Once you have become a member on the AppraisalLink™ site you are able to order appraisals online and track the appraisal process from point of order through completion.  The process of a typical appraisal assignment initiated and tracked with AppraisalLink™ is explained as follows:

Ordering

  • Once a user has become an AppraisalLink™ member, online ordering is efficient and complete.  The system utilizes the user’s personal information and company profile, which is stored in a central database, to quickly complete the order form.  The database is organized by company, then by branch, and finally by specific users within that branch.  So, for instance, a processor that processes loans for multiple Loan Officers will have the entire office selection of names to chose from when filling out the order form.  That same central database accessed by the mortgage professional is also utilized by the appraisal company, creating an efficient and error free means of transferring data from the mortgage office into the appraisal company’s system.

Confirmations

  • Once the online order form has been completed and sent, the client can expect an initial confirmation within 24 hours insuring that the appraisal company has received the order.  The appraiser selected for the assignment will attempt to call the contact person for the subject property within 48 hours from the time of order.  Once contact has been made, and an inspection date has been set, the client will receive another confirmation outlining the inspection date and the proposed due date.

Work In Process Tracking

  • The personalized "Work In Process" page for user is the backbone of AppraisalLink™.  This page provides a real time picture of all the appraisals in process for the user.  The in process table is basically divided into five separate columns – File Number, Borrower’s Name, Appraiser Name, Report Progress and Proposed Due Date.  The "File Number" and the "Appraiser Name" headers are links that, when clicked, provide detailed information on the specific file and contact information for the appraiser.  The detailed information on the file includes all the data entered into the system when the assignment was ordered, as well as a chronological history of all communications entered into the system pertinent to that specific file.  The information under the "Report Progress" header tracks the appraisal along the timeline process, and is automatically updated by the daily use the appraiser’s own personal tracking system – in other words, the simple day to day updating that is required by the appraiser automatically updates the client’s "Work In Process" screen.  Once the appraisal has been completed and reviewed a link called Ready to View will appear under the header "Proposed Due Date".  When this link is clicked it will provide the client with a PDF version of the appraisal that can be viewed and/or printed.

Communications Log

  • Specific to each and every file there is an area at the bottom of the file detail screen that displays a chronological view of all the communication that has transpired on that file throughout the process.  This proves to be an invaluable tool for not only day to day communication between the mortgage professionals and the appraisal company, but also provides a historical stamp of correspondence that holds everyone involved in the transaction accountable.

If you are not already an AppraisalLink™ member, we invite you to join.  Just click on New User Registration and the site will walk your through the registration.