Whether you are a lender or an appraisal management company, finding the right appraisal management system is the key to effectively managing the appraisal process and get consistent, reliable results.
A good real estate appraisal management system should be compliant with FHA and the other new laws, which have been introduced after the signing of the Dodd-Frank Bill. A package that does not comply with the new laws is bound to cause trouble for the users because the new laws inflict heavy fines on violations.
Data should be secure and users should only be able to access their own information. Appraisal reports contain sensitive information therefore report delivery should be secure and only authorized users should be able to retrieve the report.
Any good appraisal management system should harness the power of the internet by taking the appraisal workflow online and give the ability to all stakeholders to work remotely. Order management should be simple and it should be easy to access information. Automatic email alerts and status updates help in disseminating information without manual intervention. A detailed order log should track the complete process so the system can be used to hold people accountable for their commitments and track if any laws were violated.
The appraisal management software should help the system administrators select the best appraisers from those available, assign orders to one or multiple appraisers, track appraisers fees, track coverage area, track license and insurance information and allow storing supporting documents for each vendor. The appraisers should be able to take themselves offline when they are on vacation to prevent delays in processing orders.
Along with the ability to store multiple clients, the appraisal management software should allow saving all client information within the system and have multiple users for each client. Each user should have access to his/her own orders and the system should allow certain users to track all orders for each client.
It is a big plus if an appraisal management system has the ability to track accounts receivable and accounts payable. This helps you stay on top of your financial health. You should always know what your clients owe you and what you owe your vendors.
Any appraisal management software is useless if it does not have a good reports section. Without the ability to dissect the data stored in the software, you cannot harness the full potential of your system. The reports should cover everything from order management to vendor and client management and make it easy for users to retrieve information in different formats.
Other important features include the ability to import appraisals in bulk, the ability to rate reports, track appraiser turn times and late percentages, and automatic invoicing.
ValueLink Appraisal Management System
offers all of the features mentioned above. By taking the complete appraisal management workflow online we give our customers to take advantage of the power of the internet, and allow them to work with their clients and vendors from any location. Comply with all laws using the detailed auditing features built into the system. With an advanced appraiser and client database, it is easy to keep track of all stakeholders and find their information. Use automatic invoicing to automatically bill your clients and track your receivables and payables. With more than 50 built-in reports, find the data you need when you need it and export it to PDF, MS Word, Excel or CSV formats. Last but certainly not least, we believe in giving a fair deal to our clients. ValueLink provides the most advanced appraisal management platform at a fraction of the cost of other software vendors. The best part is that you can scale up as your company grows without having to spend a penny in setup costs.
Mentioned above are some the most desirable features an appraisal management system should have and should help you make a better choice. You should research all the different software packages on the market and find the one that best suits your needs.