Mortgage lenders and servicers need better, more accurate reporting, and the appraisal management function is long overdue for improvement.
Keeping an eye on appraisal status, appraiser turn times and revisions rates is helpful, but retroactive reporting can only take you so far. To really transform appraisal management, lenders and servicers are tapping into the power of business intelligence technology.
The mortgage industry is trending toward appraisal modernization – including a more proactive and interactive approach to appraisal management reporting. By syncing appraisal management data with an interactive business intelligence dashboard, reporting goes from static to proactive. The technology allows you to easily aggregate and analyze data from appraisal order milestones. With business intelligence embedded in appraisal management technology, mortgage lenders can quickly visualize real-time information, model multiple scenarios and predict areas for growth.
Lenders gain the ability to create interactive dashboards using appraisal data and operational metrics to forecast and model business scenarios – such as expanding to new geographies or offering new products – using real-time, accurate data. With the latest technology, you do not need an advanced math degree to develop, manipulate and model data. Using an appraisal management platform like AppraisalWorks™ which provides native integration with Power BI and pre-built reporting frameworks, it’s easy to get started.
Lenders and loan service providers who extend appraisal management reporting to include business intelligence technology gain the ability to:
- Visualize appraisal data in a consumable format and drill into key business metrics, such as order summary overviews, turn times, revision rates, rejection rates, change request rates and provider summaries.
- Leverage predictive analytics and forecasting tools to understand the impact and viability of new strategies.
- Feel more confident making critical decisions by coupling past and present data with future scenarios models.
- Model specific business scenarios that answer important questions, like “How quickly could we offer home valuations in a previously underserved region and expand our mortgage loan footprint?”
- Deliver best-in-class consumer experience with the ability to drill-down into specific appraisal order details and take action where needed.
Manage and track internal functions including productivity and the capability of identifying commonly occurring exceptions to your operational workflows so you can increase output and eliminate all bottlenecks for peak performance.
Don’t hold back your business by relying on historical or static reporting systems. It’s time to modernize appraisal and valuation reporting with advanced business intelligence tools that support proactive decision making and business growth. Contact us or request a demo of BI-powered appraisal reporting to learn more.