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3 Critical Components of an Effective Appraisal Ordering Process

Valuation Partners January 2018 Newsletter

 

The times they are a-changing—especially in the appraisal business. New technologies and better processes have been transforming how appraisals are ordered and delivered.  What might have worked a few years ago is likely outdated today.

So what key components should lenders demand from an appraisal ordering process?

1. Customization

If you’ve heard the following words from an appraisal partner, “our system is not designed that way,” or “we can do it, but our outside vendor can’t get to it for six months” – you need to keep looking.

Customization is king. No lender is the same, so the appraisal platform a lender chooses should be easily customized to meet the unique needs of their organization. Automated client notifications, a simple billing process, a variety of appraisal delivery options and special reporting should be able to fit a lender’s exact requirements. There’s no reason to settle for less.

2. Quality Control

Quality control (QC) is more critical than ever in the appraisal process.  It should never be overlooked or taken lightly. That’s why a lender’s appraisal partner should provide QC tools and services to ensure compliance and accuracy with every appraisal order.

At Valuation Partners, our QC system is used internally to ensure the quality of every appraisal we perform. Our QC processes deliver more one-touch reports than most of our competitors. We’ve also developed a unique collateral evaluation report, Market $en$e, which helps our clients understand higher than desired Collateral Underwriter scores.

3. Automated Notifications

Transparency means no surprises, and transparency is created with proactive communication that keeps the client informed—from when the order is placed until the report is delivered.

Automated notifications let clients know exactly what is taking place throughout every step of the appraisal process. For example, if an inspection is delayed for any reason, the lender is immediately notified with the reason for the delay. These notifications help the lender provide the same level of proactive customer service to their own customers, so borrowers always know where things stand.

In order to stay relevant and competitive in this industry, lenders need an appraisal partner that can adapt as their business evolves. Whether you order from Valuation Partners, Summit Valuation Solutions, or any of the William Fall Group companies, we ensure our proprietary appraisal ordering systems are easy for every client to use, with the quality control and transparency lenders need. It’s also why our systems are fully redundant, located in separate, SOC 2 certified buildings and backed up by generators. In fact, we have had zero downtime since building out our order management platform over 16 years ago.

To find out more about our proprietary ordering platforms, drop us a note at info@valuationpartners.com or call us at (281) 313-1571.