CLEAVLAND – (BUSINESS WIRING) – AppraisalWorks, a leading provider of real estate appraisal technology, announced innovations in its flagship technology appraisal management platform.
The AppraisalWorks ™ platform is designed to streamline the real estate appraisal process, helping lenders and service providers reduce costs, shorten processing times and increase transparency. The technological platform is patented by US patent 10,635,999.
Recent enhancements to AppraisalWorks further automate key elements of the valuation management process, including quote management tools for residential and commercial real estate transactions, providing: direct connection to the Encompass LOS platform and providing a platform for electronic payments to appraisers. The benefits of these three features include:
- Appraisal proposal – AppraisalWorks now provides a flexible, highly customizable system for managing quotations for valuation assignments with commercial appraisal firms and individual appraisers, providing lenders with greater automation, real-time monitoring, status-based alerts and detailed audit history. Eliminating manual tasks speeds up the process and provides increased transparency.
- Automated Appraiser Payment Module – With AppraisalWorks, lenders can easily initiate and track ACH, manual and credit card payments on all valuation orders, and agreed vendor fees. Bulk payment support provides end-to-end processing for increased efficiency. Faster payments to appraisers provide a strategic advantage in attracting the best talent for each appraisal order. In addition, credit card processing is tracked at the order and individual transaction level, allowing real-time information on payment status and customization of the borrower’s payment process. With AppraisalWorks, lenders can reduce payment processing burden by up to 70% and improve the relationship between appraisers and borrowers.
- Enable LOS connection – Full integration between AppraisalWorks and Encompass allows lenders to order, assign, track and verify real estate appraisals from the AMC market and appraisers directly through the Encompass Digital Lending Platform, ensuring the quality and efficiency of the lending and standardization process. experience of the seller and the borrower. AppraisalWorks is one of the first grading management platforms to offer direct connectivity through the new Encompass APIs, eliminating administrative overhead and speeding up processing times.
AppraisalWorks is designed to work together — bringing all stakeholders together in the assessment process to improve efficiency, lead time, and accuracy. Lenders, borrowers, processors, appraisers and the QA team benefit from real-time communication, on-demand access to appraisal information, and full transparency throughout the appraisal process.
“As lenders and service companies look to benefit from faster assessment times, efficiency and cost savings are critical, as is the need to maintain rigorous security and compliance practices,” said Mike Cullen, CTO at AppraisalWorks. “The AppraisalWorks technology platform helps simplify appraisal processes, improve compliance and reduce costs, and improve the quality of service to borrowers. Our customer-centric approach to continuous technological innovation makes AppraisalWorks the best choice for lenders and service centers looking for greater efficiency and strategic advantage. ”
AppraisalWorks is cloud-based assessment management technology platform It allows banks, credit unions, lending institutions and mortgage lenders to order, manage, maintain, and analyze real estate appraisals and collateral. With the Community and Enterprise editions, AppraisalWorks improves process efficiency, enforces regulatory compliance, and facilitates collaboration between lenders, borrowers, processors, appraisers, and the QA team to dramatically reduce loan processing times, lower loan costs, and improve the borrower’s experience. … AppraisalWorks is patented under US Patent 10,635,999. Visit www.appraisalworks.com to transform your valuation management function from a costly overhead to a competitive advantage.