And how to execute an innovative appraisal management strategy.
Appraisal management strategies have shifted. Home valuation has a bad reputation as one of the least predictable and poorly automated parts of the loan process. Manual processes and outdated technologies add unnecessary administrative overhead and result in miscommunication, compliance oversights and a significant drain of time, money and resources.
The mortgage industry has gone digital and appraisal management is no exception. A recent survey of banks and lenders conducted by Forbes Insights states:
- 78% say streamlined, automated processes at scale will transform and disrupt the industry.
- 74% say industry will consolidate, with large, nimble, tech-savvy platforms outperforming less comprehensively digitized lending models.
- 30% say by 2023 all key front- and back-office elements of mortgages – including origination, documentation and closing – will become digitally integrated and enabled. 60% say that this will happen by 2025.
Tech-savvy lenders are turning to appraisal management technology to streamline and automate the full lifecycle of an appraisal order. By shifting their approach to appraisal management from an administrative function to a technology-driven strategy, they are realizing significant benefits.
The days of leveraging multiple technologies, AMC websites and spreadsheets to manage your appraisals are numbered. 54% of lending firms have turned to technology vendors for improved process technologies… and another 38% will do so in the near future.
It’s time to eliminate the costly overhead of your appraisal management function and turn the home valuations process from a resource drain to a competitive advantage.
Download our latest eBook, “5 Benefits of Digitizing Appraisal Management,” to learn more about the challenges, benefits and technology associated with executing an innovative appraisal management strategy.