InHouse Inc., a provider of appraisal solutions for banks, lenders and other mortgage originators, has announced the launch of InHouse Connexions, the industry’s first technology for managing any combination of disparate appraisal vendors, whether appraisal management companies (AMCs), appraisal companies and individual appraisers. The number of vendors is unlimited--all can be managed from a single platform.
Lenders have become more dependent upon AMCs for fulfilling their appraisal needs largely as a reaction to the Home Valuation Code of Conduct (HVCC) and Federal Housing Administration (FHA) Appraiser Independence. Connexions is the first technology to combine technologies for analysis, data mining and workflow, all together in one powerful platform. In fact, until now, lenders had no simple way to switch from vendor to vendor, which has led many lenders to being unnecessarily tied to a vendor that may or may not be the best choice for their business plans, objectives and bottom lines.
“Connexions gives lenders the freedom to run their appraisal processes the way that works best for them, all while saving time, saving money and staying compliant,” says Jennifer Creech, president of InHouse Inc. “Changing vendors should not be so difficult that a lender gets locked in with any one provider. The best solutions can be found through a comparison of vendors, whether AMCs, appraisal companies or individual appraisers. With Connexions, adding a vendor takes literally three minutes or less. With timeframes like that, lenders can constantly compare vendors so they’re always sure they’re using the best available option.”
Connexions was built by lenders for lenders with extensive feedback from two mid-tier lenders. It has a fully configurable assignment engine that allows lenders to control distribution volumes per vendor, in addition to an analytical function that ensures the appraiser’s geographic competency as determined by the lender’s parameters. The system’s transparency allows lenders to track every appraisal request in its pipeline with results available in real-time, and the system employs security measures that include 128-bit SSL and SAS-70 Type II certifications, as well as compliance with the Graham-Leach-Billey Act, Sarbanes-Oxley Act, and Safe Harbor Privacy Principles, among others. Connexions has also been configured specifically to help lenders achieve 100 percent compliance with HVCC, HUD, TILA, and RESPA guidelines.
For more information, visit www.InHouseUSA.com.