When you consider the numerous platforms lenders must utilize to conduct their business, it's not surprising that many are still in transition and are looking to modernize their workflow. Appraisal management should be at the forefront when overviewing ways lenders can speed along turn times and get the most ROI. The traditional appraisal process is extremely manual, time-consuming, and resource-intensive – thus allowing a significant opportunity for improvement. If not appropriately managed, this process can delay closings, frustrate borrowers, and kill deals.
However, finding the best appraisal management software can feel frustrating for lenders. Most valuation management technologies follow a one-size-fits-all approach, making it difficult for mortgage lenders, credit unions, AMCs and appraisal firms to work together.
This begs the question: what are the keys that lenders should make sure a valuation software offers so they can yield actual results?
1. A Customizable Solution
Many appraisal management software companies will tout that they offer configurable software. However, configurable software only allows lenders to change processes at implementation or with a support or IT ticket/call. For example, when a process changes, like an accounting code, lenders must turn to IT teams and support desks for changes. This creates long wait times, frustrated lenders and frustrated borrowers.
Additionally, configurable software can take over three months or more to implement a solution and significantly longer in the loan origination space. Software implementations require a great deal of time, planning, custom software development, testing and training. The longer the implementation, the higher the potential disruption to day-to-day operations, cost and risk. However, when you have a customizable solution, the implementation time is dramatically reduced, sometimes to a 75% reduction, because the software is easy to use and can be changed at any time.
We flipped the script with our software called EVO and created it to be customizable. Customizable means that your admin users are self-reliant, so they can easily customize the software to their exact needs in real-time. Need to change a field in the system? The admin user can do that quickly and without waiting on support. EVO's configurability also extends to other crucial areas of the platform, including its workflow automation, user permissions, dashboards, communications, forms, reports and more. EVO allows you to invest in software that can change and grow with you as your needs change. It also allows for speedy implementation times.
2. AI Advanced Cascading Decisioning
Most lenders are auto assigning with a round-robin system, meaning a busy person will get the same amount of work as the person who's not busy. It's certainly not an efficient way to work.
The most innovative systems offer sophisticated decisioning algorithms that fire unlimited if/then sets of parameters that will operate the way a traditional manual assignment by a human would, only more accurately and much faster.
EVO is powered by artificial intelligence and advanced cascading decision technology, which lowers collateral risk by instantly reviewing appraisal reports as appraisers deliver them—preventing costly and time-prohibitive back and forth revisions.
3. Reporting that Offers the Information You Need
Does your current system offer real-time intuitive reporting features and automated scheduling and delivery? It should. Choosing a system that provides complete visibility via built-in and custom reports, which can be run ad hoc or automatically during any process point, is vital. The best appraisal management software will allow you to make tweaks to fields, and those tweaks are immediately reportable. Additionally, the system should be easy to use and create custom reports so that you don't even need to call support or create IT tickets.
Many systems make lenders call into support for reports or are so complicated they take up a ton of time and are immensely frustrating. EVO banishes this frustration. With EVO, all you need to do to create and run a report is check a few boxes and hit run – it's that simple. One of our clients stated, "I'm able to instantly provide essential information to my team and other parties as needed, while also being able to easily track both our vendors and where we stand with our various appraisal orders. I also use this feature for billing purposes on a monthly basis, which is simple to navigate and configure as I need."
The right appraisal management technology can deliver remarkable ROI by automating manual processes, connecting systems, cutting hard costs, and reducing person-hours. The best appraisal management systems look modern and facilitate better performance across various roles within your department. At the same time, user role-based designs in innovative software ensure that individual staff members see what is most urgent in their individual workflow in real-time. Contact us if you're ready to see the benefits of powerful appraisal management software.
