3 Ways to Automate Appraisal Management Workflows
Appraisal management is often overly complex. Outdated processes and technologies add unnecessary administrative overhead and result in miscommunication and compliance risk. With multiple internal, external and client stakeholders involved in the appraisal process, clear communication and efficiency are a must. Appraisal management workflow automation has become a necessity for lenders – but many struggle with finding the right technology platform.
By assessing your current workflows and understanding where you can automate and improve processes, you will be better equipped to find the technology needed to deliver a seamless experience for your stakeholders. The right appraisal management technology platform will reduce time and costs associated with each appraisal, making the overall loan process more efficient. In addition, appraisal process automation can increase transparency, helping you identify areas for improvement and growth.
Your business has unique appraisal workflows, but the status quo of manual processes, paper-based information and disparate system handoffs continues to hold you back. The right technology can help get you from Point A (where you are today) to Point B (where you want to go) – and beyond. For most lenders, this equates to delivering exceptional consumer experiences, reducing time and cost, and scaling the business.
To ensure success on this journey, our experience has shown there are a few essential elements an appraisal management platform must have:
- Configurable checklists to help you spend less time managing orders and more time closing loans. Automated workflows help guide orders through pre-defined milestones, all while keeping stakeholders up-to-speed along the way. By building custom checklists, lenders are equipped to configure routine tasks as part of the technology process, ensuring no steps – big or small – are overlooked. You can easily add dynamic workflows and events to accommodate a variety of scenarios. This ensures orders are routed to the correct queues and enables your team to track and understand the frequency of unique events. From there, you can modify processes based on new or more complex appraisal orders.
- Automated decision-making based on logic you create. An appraisal management system must be able to support configurable, data-driven business rules throughout your process workflows. Once these business rules are configured, you can trust the technology will make the right decisions based on your profiles and processes. Rule-based notifications allow you to easily assess orders outside of established criteria. AppraisalWorks takes this concept a step further by automating the decision-making process from the simple to the complex. When orders come in from a loan origination system (LOS), they can be placed on autopilot and will trigger alerts based on exceptions you define. As exceptions become more common, you have the ability to track and document the scenario and add new logic to the system – allowing the processes to continuously improve. This level of process automation also frees up more time to focus on acquiring new clients and closing more loans.
- Create trackable metrics for data-based decisions. When all is said and done, you need to be able to drill down into the details of your workflows to understand the state of the business and areas of improvement. Key metrics to track include:
- Order-to-completion dates across the entire appraisal lifecycle
- Time spent throughout the appraisal order process, including individuals involved, technologies used and roadblocks along the way
- Where and how time, cost and overhead were reduced
- How efficiently individuals can communicate and complete tasks
- And so much more!
Being able to document, understand and analyze this data, lenders can refine workflows, help internal teams improve and ensure vendors are delivering on committed timelines and contracts.
Don’t stay stuck in the status quo of appraisal process frustration and inefficiency. Smart automation, backed by a strong appraisal management technology platform, can help you get from Point A to Point B and beyond.
If you’re ready to transform your appraisal management function from costly overhead to a competitive advantage – let’s talk. Contact us at .