AppraisalWorks launched new enhancements to its flagship appraisal management technology platform, which is designed to help streamline the real estate appraisal process.
The latest enhancements to the company's further automate key elements of the appraisal management process – including quote management tools for residential and commercial real estate assignments, providing direct connectivity to the Encompass LOS platform and delivering a platform for paying appraisers electronically, according to a press release. The new features include:
- Appraisal Quoting – AppraisalWorks now provides a flexible, highly configurable system for managing quotes for appraisal assignments with commercial appraisal firms and individual appraisers. According to AppraisalWorks, the automated process provides real-time monitoring, status-driven alerts, and detailed audit history.
- Automated Appraiser Payment Module – With AppraisalWorks, lenders can easily initiate and track ACH, manual and credit card payments on all appraisal orders as well as the agreed-upon vendor fees. Support for batch payments enables straight-through processing for increased efficiency. In addition, credit card processing is tracked on the order and individual transaction level, providing real-time insight into payment status and the ability to customize the borrower payment experience.
- Encompass LOS Connectivity – The integration between AppraisalWorks and Encompass allows lenders to order, assign, monitor, and review real estate valuations, from a marketplace of AMCs and appraisers, directly through the Encompass Digital Lending Platform.
AppraisalWorks is designed to be collaborative – bringing together all stakeholders in the appraisal process to improve efficiency, turn times and accuracy. Lenders, borrowers, processors, appraisers and the quality control team benefit from real-time communications, on-demand access to appraisal information and complete transparency throughout the appraisal process.
“As lenders and servicers look for an edge in accelerating appraisal turn times, efficiency and cost reduction are critical, as is the need to maintain strong security and compliance practices,” said Mike Cullen, chief technology officer of AppraisalWorks.
