With the recovery of the US housing market continuing at a steady pace, it has become imperative on Lenders, AMCs and Appraisers to adopt technology to simplify the appraisal management process. Managing hundreds of orders manually is time-consuming and taxing on an organization’s resources.
The availability of comprehensive, yet affordable, Real Estate Appraisal Management Software like ValueLink has simplified the once complex and time-consuming exercise of managing the appraisal process. Lenders, AMCs and Appraisers can all access appraisal orders from a single platform through which they can manage the entire appraisal process from the placement of the order to the review and delivery of the appraisal report.
Here we will provide a few reasons why Lenders, Appraisal Management Companies and Appraisers can benefit greatly by using the latest Real Estate Appraisal Management Software.
Saves Hundreds of Hours of Work and Thousands of Dollars
Traditionally, appraisal orders have been managed on excel sheets and record books which required manual entry every time changes in an order were made. Order assignment was a cumbersome process which required phone calls or emails to individual appraisers. Getting order status updates was also a cumbersome process and there was a lag in flow of information. Orders could only be managed during business hours and there was no way of communicating with the relevant parties outside those timings. All of these issues were a severe handicap on the appraisal management company and made them extremely inefficient. To counter these inefficiencies, these companies had to employ more resources which ended up costing them thousands of dollars every month.
However, the arrival of comprehensive Real Estate Appraisal Management Software has been a game-changer for the industry as it manages to address most, if not all, of the issues mentioned above. Web-based real estate appraisal management systems enable organizations to store and manage all their appraisal data from a single location that is searchable and retrievable by authorized personnel from anywhere in the world at any time of the day. Orders can be created at a click of a button by importing data from loan origination software or other data sources. Similarly, order assignment can be done in a matter of minutes while information is updated in real-time keeping all relevant parties informed of the order status at all times. These essential features allow fewer resources to manage large amounts of orders and save the organization thousands of dollars.
Improves Appraisal Quality while Maintaining Regulatory Compliance
Real Estate Appraisal Management Software not only makes it easy for users to manage their appraisal orders, it also aids them in reviewing them. The appraisal managers have access to a treasure of information once they become regular users of the system. The software allows users to monitor and identify their most active appraisers, those who delivered appraisal reports on time and those who did not. It also allows them to rate the appraisal upon the completion of an order for future reference so that the best appraisers are highlighted, while the ones who failed to deliver are pin-pointed. A list of preferred appraisers can be built so that companies work with the best appraiser talent that is available.
Real Estate Appraisal Management Systems also ensure that appraisal orders maintain regulatory compliance and that there is complete appraiser independence, when valuations are done. By using real estate appraisal management software, the client never comes in contact with the appraiser and cannot influence the appraisal process in any way. Only relevant data is made visible to the client and the appraiser, while the appraisal management administrator has complete command over the process. Furthermore, a majority of today’s real estate appraisal management software are directly integrated with the Uniform Collateral Data Portal (UCDP) allowing for one click submissions of XML UAD files to the Government Sponsored Enterprises (GSEs), without ever having to leave the system.
Makes Communication Easier and Improves Accountability
Timely and effective communication is necessary to avoid costly inefficiencies when managing the appraisal process. That is why a strong communications platform is built right into the appraisal management system. Email notifications are sent out to relevant parties at every stage; from order creation, to the assignment and scheduling of inspection and finally till the delivery of the appraisal report to the client. Notifications are also sent out in real-time, so all relevant parties are informed immediately when the order status changes. To make things easier, the system also has a feature called “common responses” through which regularly used instructions and comments can be inserted by the administrators, when assigning orders to appraisers or providing feedback to clients.
Real Estate Appraisal Management Software ensures that all communication between concerned parties is recorded in a single location and available for viewing at a click of a button. The centralization of communication means that users of the system can go back and take a glance of the entire conversation. A comprehensive audit-trail is also created with time-stamps for every stage of the order, making accountability much simpler. The system also includes a comprehensive system to record an organization’s payables and receivables so that cash flow issues are avoided. This ensures that payments from clients are received on time and onward payments to appraisers can be made in a timely manner.
The benefits of using real estate appraisal management software far outweigh the cost associated with adopting this technology. With comprehensive, yet affordable, web-based real estate appraisal management software like ValueLink available, it is a no-brainer for Appraisal Management Companies,Lenders and Appraisers to start using appraisal management software today!
About ValueLink Software
ValueLink Software is a technology company focused on defining, designing and building solutions for the real estate industry. Our real estate appraisal management software, ValueLink, offers a comprehensive web-based solution for Appraisal Management Companies, Lenders and Appraisers to help them manage the appraisal process. Our system is 100% compliant with existing laws and fully integrated with the Uniform Collateral Data Portal. We strive to continuously improve our product and will partner with you to provide a solution that best fits your requirements. For more information, please visit www.valuelinksoftware.com/.