Automation is a top priority of mortgage lenders as competition for less profitable purchase loans heats up, and AppraisalWorks says the latest version of its appraisal management platform can help lenders cut costs, speed up turn times, and provide greater transparency.
AppraisalWorks now provides quote management tools and the ability to automate electronic payments to appraisers, with direct connectivity to the Encompass loan origination system.
“As lenders and servicers look for an edge in accelerating appraisal turn times, efficiency and cost reduction are critical, as is the need to maintain strong security and compliance practices,” said AppraisalWorks Chief Technology Officer Mike Cullen, in a statement.
A cloud-based appraisal management technology platform used by banks, credit unions, loan servicers and mortgage lenders to manage appraisals and collateral valuations, the AppraisalWorks platform now provides a configurable system for managing quotes for appraisal assignments.
Whether they’re assigning work to commercial appraisal firms or individual appraisers, lenders can automate more of the process, eliminating manual tasks and gaining increased transparency with real-time monitoring, status-driven alerts and a detailed audit history.
An automated payment module allows AppraisalWorks users to initiate and track ACH, manual and credit card payments on appraisal orders, with support for batch payments. Faster payments “provide a strategic advantage in attracting the best talent for each appraisal order,” the company claims.
Integration with ICE Mortgage Technology’s Encompass, announced in April, allows AppraisalWorks users to tap into a marketplace of appraisal management companies and appraisers to order, assign, monitor and review property valuations directly through Encompass.
Competitors that offer Encompass integration include Triserve Appraisal Management Solutions, Clear Capital, ClosingCorp., CoreLogic, ServiceLink, WFG Enterprise Solutions and Xome.