Industry News

Lenders, AVMs, real estate appraisers get connected

RealEC launches automated appraisal supply chain product

RealEC Technologies today launched a real estate appraisal supply product that fully automates a mortgage lender's appraisal supply chain. The appraisal version of SolutionSelect connects lenders, AVM providers, appraisal management companies and independent appraisers via the RealEC Exchange network of appraisers. Lenders using the system can develop rules to automate the selection of the optimal appraisal or AVM model and provider based on loan and property characteristics. Rules can also be created to instantly determine the potential for errors or problems. Based upon the results of an automated appraisal data quality review, SolutionSelect can automatically reject the appraisal, order an appraisal review product or place the appraisal into a specific work queue for exception handling. SolutionSelect extends RealEC's Electronic Partner Network by integrating existing and new RealEC functionality, including predefined provider workflows, collaborative file management, electron...