NOVO Appraisal Management has unveiled a new proprietary Automated Appraisal Underwriting (AAU) tool that can significantly cut the time needed to review appraisals. The AAU makes it possible to identify problems and deficiencies in the processing of an appraisal on the front end where they can be addressed and cleared promptly. NOVO’s Automated Appraisal Underwriting (AAU) uses algorithms, an automated rules-based engine, and underwriting logic to highlight areas that may be of concern to a lender. The underwriter simply has to focus on problem areas rather than having to review the entire appraisal. This provides a first-level comprehensive review of the appraisal allowing the underwriter to have plenty of time to clear all issues prior to funding.
The release of the new AAU tool is timely given the lender’s need to gain efficiency while still limiting their exposure to risk. Tom Hutchens, president of NOVO, explains, “The AAU tool simply makes everyone involved in the appraisal process more efficient and the lender more confident in their collateral decisions. We expect this tool to dramatically increase the ability of our clients to close loans.”
Mark Lively, EVP of Credit Risk and Operations at AmeriSave Mortgage and a NOVO customer says, “We’ve been test piloting this system for the past 90 days and this is the best appraisal underwriting tool we’ve seen in the industry to reduce underwriting time and cut down on human errors. It’s really a game-changer for us.”