Much of the appraisal
process, from a lender’s point of view, is primarily communication. Correspondence initially begins
with the request to the appraisal company, continues with ongoing status
updates throughout the process, and is finalized when the user receives
the report once it has been completed. The primary cost benefit of using
the AppraisalLink™ system is the increased efficiency with regards to this
process.
Ordering
Because AppraisalLink™ uses a
database specifically created for your company and branch, the online
ordering process is quick and complete. When selecting contacts
responsible for the file such as Loan Officer, Processor, Assistant and
Administrator, AppraisalLink™ has drop-down menus that recognize
individuals from your specific office. This specialized ordering process
helps to eliminate errors and costly delays. The contacts that are selected
during this ordering phase will determine who will be able to access the
"Appraisals In Progress" section of AppraisalLink™, enabling those
individuals to track the process of each assignment.
Appraisals In
Progress
The "Appraisals In Progress"
section of AppraisalLink™ has the potential of saving the lending
professional significant time throughout the appraisal process. The ability to track the actual
progression of the appraisal assignment enables the user to relay
real-time information to key individuals. A simple example displaying the
time that can be saved with regards to typical communication process on an
appraisal file is as follows:
Typical Communication
Process Without AppraisalLink™
1.
Listing agent calls loan
processor for status on property inspection.
2.
Loan processor calls
appraisal company office for this information.
3.
Appraisal administrator calls
appraiser.
4.
Appraiser indicates to
administrator that he was dealing directly with the selling agent for
access and has already inspected the property.
5.
Appraisal administrator calls
loan processor back with requested status.
6.
Loan processor returns the
listing agents call with updated information.
Typical Communication
Process With AppraisalLink™
1.
Listing agent calls loan
processor for status on property inspection.
2.
Loan processor logs into
AppraisalLink™ while agent is momentarily placed on hold, and determines
from their "Appraisals In Progress" page that the property has already
been inspected.
3.
Loan processor takes agent
off hold, and cannot only inform him that the property has already been
inspected, but also can give him the date it was inspected and the
proposed completion date of the appraisal.
The typical communication
process without the use of AppraisalLink™, as outlined above, includes two
individuals that never needed to be involved – the appraisal administrator
and the appraiser. The time
frame between the loan processor getting the initial inquiry from the
agent and the processor subsequently calling the agent back with the
updated information is directly hinged on the availability of all the
people involved in the communication process. If the appraisal administrator
and/or appraiser were unavailable at the time the initial phone calls were
made, additional attempts would need to be performed and the original
inquiry from the agent may be delayed as much as a day or
more.
In the example above, the
confirmation that the property has been inspected with the utilization of
the AppraisalLink™ system takes less than a minute from the initial call
made by the agent.
Given all the updateable
tasks involved in a typical appraisal assignment combined with numerous
questions, inquiries and changes that may arise throughout the process,
the time savings that could be recognized by utilizing the AppraisalLink™
management system could be literally hours to days per appraisal. Saving lending professionals this
kind of time enables them to be much more productive, saving wasteful
overhead while enhancing production.
Delivery of the
Appraisal
In the current real estate
market, the majority of all appraisal reports are delivered utilizing
email, attached as a PDF document.
The AppraisalLink™ system has further enhanced the efficiency of
the appraisal delivery by allowing the user to open and print the PDF file
directly from their "Appraisals In Progress" page within the
AppraisalLink™ site. The
completed files will remain on their page for 21 days. Following this period they will
then be archived so the user will be able to search, view and print the
appraisal reports if needed in the future.
We
anticipate that the cost savings that can be recognized by utilizing the
management tools available within AppraisalLink™ will be welcomed by all
mortgage offices, large and small alike. 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.
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