Patented technology streamlines real estate appraisal process
AppraisalWorks has rolled out a patented technology designed to provide lenders and servicers a single, web-based platform for managing their appraisals and collaborating with other stakeholders.
The newly launched appraisal management platform offers lenders, borrowers, processors, appraisers, and the quality control team access to appraisal information. It also features real-time communication to provide complete transparency throughout the appraisal process.
“Whether it be for mortgage, home equity, refinance or loan portfolio valuation, real estate appraisals are a critical part of the home loan process,” said Mike Cullen, chief technology officer of AppraisalWorks. “The AppraisalWorks technology platform has the power to help lenders, servicers and AMCs accelerate and streamline appraisal processes, improve adherence to compliance regulations and lower costs – while also providing a better borrower experience. Our patented technology is a great way for lenders to gain a strategic advantage in the market.”
Additionally, lenders and servicers can also manage all appraisals and loan types through the platform. Lenders also have access to AppraisalWorks' network of licensed appraisers, as well as the option to onboard in-house appraisers and appraisal management companies
Other capabilities of the new platform include:
- Built-in and customizable business rules ensure process and compliance adherence
- Process automation improves the efficiency and productivity of all participants, with patented workflows that span the full lifecycle of the appraisal process
- Ability to configure work queues and workflows to match each company’s unique processes and operating procedures
- Flexible, easy-to-use reporting and analytics allow for greater insight and business improvement
- Ability to set up and automate risk-based appraisal reviews, enabling lenders to set review priority and assign reviewers based on appraisal risk scores
- Comprehensive appraisal review capabilities, including UCDP/EAD delivery, to improve accuracy, lower revision rates and enable greater efficiency
- The option of multi-tenant or physically separated databases maximize data security while also improving performance and scalability
- Packaged interfaces to major loan origination systems fast integration to existing systems
- Community lender solution enables lenders to be online in 24 hours; enterprise lender solution enables bespoke configuration to meet all lender needs.
- Lenders, servicers and AMCs have the option of using AppraisalWorks out of the box or private-labeling it to blend seamlessly with their brand.
