InMotion Software has announced the release of Sluice, a workflow management platform that leverages blockchain technology to bring greater transparency and security to the residential appraisal industry.
Sluice's distributed ledger database allows multiple users to work on the same valuation orders, while storing a comprehensive history of changes made during the appraisal timeline. By automatically merging property data into appraisal reports as the data is being collected in the field, Sluice significantly enhances the speed and efficiency of fulfilling orders in a mobile environment. Sluice also integrates seamlessly with any appraisal management system, enabling appraisal and appraisal management companies to perform and manage real estate valuation assignments in real-time, without the need to switch to a new platform.
Prior to launching Sluice, InMotion partnered with experts in the mortgage industry to research and deploy blockchain technology to the benefit of appraisers and other valuation experts as they evaluate real property collateral in the field. By incorporating technology that provides immediate, two-way communication, Sluice allows users to get directions to a subject property, manage their tasks, generate floor plans with Sluice's built-in tools, upload geo-tagged photos, fill-out required or proprietary forms and take notes. Sluice is specially built to work just as well offline should an assignment take an appraiser off the grid by uploading data to the appraiser's server once the data connection is restored.
Sluice is already supporting several national AMCs that are using it to administer their order workflow, enabling their users to accept, manage and submit all the data they collect during the course of any assignment. AMCs using Sluice have been able to realize significant improvements in turnaround time, better communications with workers in the field and improved first submission quality, leading to less rework.
"We are excited to bring distributed ledger technology to the appraisal industry with Sluice," said John Howard, CEO of InMotion Software. "Although currently focused on serving the mortgage industry, Sluice is a remarkably robust platform and can be adapted to any workflow project. Because the system is vastly modifiable and capable of endless customization, the opportunities for streamlining other industry workflows are endless."
Brian Howard, partner and CTO of InMotion, said: "We have made a substantial investment in Sluice so that our clients can buy-in rather than build their own platform from scratch. As we continue to optimize the platform, we look forward to developing future partnerships with other industry participants that will push the platforms' capabilities."