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Loan origination costs have steadily increased in the last several years, despite the industry spending more on technology tools to try and bring those costs down. Reducing costs throughout the entire process of the loan becomes increasingly important as efficiency becomes top of mind in a low volume environment.
Appraisal and collateral risk evaluation is on the way to getting more complicated in 2024 as lenders offer more products and investors in the market and must deal with the Fannie Mae and Freddie Mac Appraisal Modernization initiatives.
The appraisal has been a straightforward and consistent requirement in lending for decades. But as appraiser capacity and throughput have steadily declined and appraisals have held up many deals from closing, the industry is looking for ways to evaluate collateral risk more efficiently going forward. However, the introduction of many of these alternate ways to evaluate risk have already started causing problems for appraisal desks as they try and figure out how to fulfill and operationalize all the different valuation methods available.
Jaro is here to help. Here are 3 crucial ways Jaro can help build your efficient collateral risk process.
Next Generation Vendor and Order Management
Jaro has taken a significant leap forward by excelling in panel management. Our platform empowers users to establish and nurture relationships with a diverse array of vendors, all within a centralized and unified environment.
Imagine having the ability to effortlessly visualize vendor performance data and make comprehensive vendor comparisons across your entire system. With our innovative scorecard feature and dynamic dashboards, Jaro facilitates data-driven decisions, enabling you to optimize your vendor partnerships like never before.
JaroDesk introduces a suite of customizable panels, automatic assignment tools, performance management features, and scorecard capabilities, collectively streamlining your vendor management process. This level of automation and customization not only saves time but also ensures that your lending operations are as efficient as possible. Armed with data that gives you insights into vendor performance, you can make informed decisions that will enhance your relationships with vendors and drive better business outcomes.
Better Borrower Experience
The appraisal industry is constantly evolving to make the appraisal process smoother and more efficient. One key aspect of this evolution is unifying payment links, allowing borrowers to enjoy a seamless experience regardless of the vendor chosen.
Borrowers are assured that the email they receive will be branded with the company logo and even feature the image of the production staff handling their appraisal. This personalized touch not only instills confidence but also strengthens the bond between the borrower and the lender.
Jaro’s innovative approach begins by splitting payment links within their system. This feature empowers clients to effortlessly send authorized payment links to multiple borrowers simultaneously. Borrowers no longer have to navigate a disjointed landscape of different vendors; our unified system simplifies the payment process, ensuring a consistent and user-friendly experience.
Jaro prioritizes borrower delivery, ensuring it is fully compliant with the Equal Credit Opportunity Act (ECOA). This compliance guarantees that borrowers are treated fairly and consistently throughout the appraisal process, promoting transparency and trust between borrowers and lenders.
Deeper Integration into the Entire Loan Process
We at Jaro realize that to provide the best experience we must be tightly integrated into your entire process. This means that we work to provide great features that will give you the best experience on our platform. This is where Jaro’s AssignIQ™ score steps in, leveraging our comprehensive property knowledge to assign a complexity score to the property. Not only does it reveal the property’s complexity, but it goes a step further, providing insights into the average fees associated with properties of similar types and complexities in the area.
This approach has proven invaluable to our existing customers, reducing the need for re-disclosures or last-minute fee collections at closing by a remarkable 80 percent. Once this critical information is in hand, it falls to the loan officer to inform the borrower about the appraisal fee. Providing an accurate fee is a game-changer for both the lender and the overall borrower experience.
Once the order is placed, Jaro can help you select the best vendor for the best price available for your system. If you manually select the appraiser, we provide all the data to the appraisal desk staff, while simultaneously hiding that information to the production staff for AIR compliance, so the best option can be selected. If you have a wholesale division that places their own orders, we can automate that selection with the criteria you dictate to us. We can handle going to your favorite AMCs, appraisal firms, or even straight to the appraiser. You get the ultimate transparency and control during this process.
Building for the next generation of collateral risk is going to take a better collaboration between the people, process, and technology involved. Jaro is on a mission to revolutionize the appraisal industry by providing technology that enables our users to be the best at what they do. We invite you to join us on our journey to make collateral risk evaluation a frictionless touchpoint in lending in the future.
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