ValueLink co-hosted a webinar with Clear Capital on “How to Modernize Your Appraisal Process, Drive Revenue & Stay competitive in Any Market.” The panelists, Roger Jennings, Katie John, Aqil Ahmed, and Kenon Chen, discussed the current landscape of the mortgage industry, its challenges, appraisal modernization, and best practices to stay ahead of the competition.
The mortgage industry is ever-evolving, and advanced modern technologies are proven to save lenders time and empower them to close loans faster and more confidently. However, keeping up with the latest mortgage tech has been a challenge. The panelists focused on the changing dynamics of the mortgage industry – including appraisal modernization, updated GSE regulations, and more.
The rising mortgage rates and margin compressions have made it more challenging for lenders to save costs, reduce the turnaround time, and close loans faster. Having said that, this is an opportunity for lenders and institutions to reflect on whether they are prepared to handle these challenging times and navigate the technology in today’s market.
Key takeaways from the Clear Capital webinar
Lenders can benefit from the evolving market by adapting to the latest technology to automate workflows, reduce turnaround times & manual efforts, connect with more platforms, and simplify the appraisal processes to increase transparency and order volumes.
The GSE regulations set a direction for where the appraisals should go by accepting desktop appraisals and allowing ACE + PDR so the valuation processes can be more accurate & flexible based on today’s market demand and product offerings.
Robust APIs can connect the loan origination system with potential vendors. These partnerships within the system help lenders seamlessly place orders, increase vendor panels, and assign more orders in less time.
Relying on the right technology is essential to stay competitive in today’s market. ValueLink has enabled lenders to progress by automating 95% of the valuation process. Integrations with major LOS have helped them meet specific business goals to achieve growth and reduce the valuation process lifecycle. Moreover, the platform offers modernized valuation solutions for all properties and loan decisions so lenders can have a more digitized experience of the order process.