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AppraisalVision, a company providing an on-demand platform for home appraisals, has signed an agreement with ACI. As a result of the agreement, ACI will help power AppraisalVision's SMARTReview, an appraisal quality control and review platform for lenders, appraisal management companies and appraisers.
SMARTReview is a risk-based appraisal quality control and review platform. It allows a lender to extend, standardize and automate their appraisal QC and review process across all of their AMCs and appraisers, according to a press release. SMARTReview is built on ACI's Sky API and PAR Logic compliance library. It provides a single platform for all participants to collaboratively review and approve the appraisal report, to help improve efficiency and quality.
"We have seen an 80% reduction in underwriting revisions when an AMC utilizes SMARTReview, prior to delivery of the appraisal report to the lender," said Jim Cutillo, founder and CEO of AppraisalVision.
According to the release, SMARTReview is currently in production with several national lenders, AMCs and appraisers. It is also integrated with UCDP/EAD and Fannie Mae's appraisal API.