Homeowners Satisfied With Current Appraisal Process, Still More To Be Done

A national survey commissioned by ServiceLink revealed that more than a third of consumers who recently bought, sold or refinanced a home expressed a willingness to use self-serve technology in the home inspection process. However, the appraisal and closing survey reported that while mostly satisfied with the process, consumers believe that there is still room for improvement in areas such as appraisal scheduling and appointments.

Javelin Strategy and Research surveyed 1,500 consumers who had interacted with the homebuying and mortgage process within the past two years, to pull key findings that could help improve future appraisals.

"Creating a complete digital experience is increasingly the price of entry for virtually every industry, including mortgage. As a leading provider of valuations and title and close solutions and services, we are committed to measuring and reporting our performance, including consumer satisfaction, to clients every day," said Dave Steinmetz, president of origination services, ServiceLink. "This survey is an opportunity to look at the consumer experience our industry is delivering through a broader lens, and to gauge consumer perspective on the appraisal and closing process. The findings clearly indicate that consumers are looking for more convenience and speed and are ready to use technology to improve the real estate lending experience."

According to the survey, 34% of consumers are willing to take photos or videos of their homes, 30% prefer in-person inspections and 35% had no preference. Additionally, the report pointed out that 90% of homeowners surveyed who had difficulty scheduling a previous appraisal, were open to using the digital process.

Appraisal turnaround times look to have increased according to the survey.

"Overall, 79% of consumers said their appraisal inspection was conducted within a week of the appointment being scheduled, including 30% whose inspections took place within three days," according to the survey. "Nationwide, a significant percentage of consumers (40%) said that they received their appraisal report in three days or less after the inspection, including 43% in the Northeast and South, 41% in the West and 21% in the Midwest. Overall, nearly 75% of consumers received their appraisal report within a week of the inspection."

Click here to read more from the survey.