Incenter Appraisal Management believes that appraisals are one of the biggest bottlenecks in the mortgage lending process. As a result, the company developed its RemoteVal technology as a way to streamline the appraisal process.
RemoteVal gives appraisers the ability to complete thorough, compliant appraisal inspections without leaving their desks. A homeowner or another individual must be at the property while they are conducting an appraisal.
Using RemoteVal, the appraiser takes control of the homeowner’s smartphone camera and then snaps geographically verified, time-stamped images and closeups while directing the individual from room to room. In addition to photos, the appraiser can remotely capture gross living area measurements. RemoteVal has a built-in digital measuring tape, which incorporates 3D environment scanning technologies.
“RemoteVal creates a whole new class of appraiser-centric inspection technology that shortens the process while meeting the stringent accuracy guidelines that appraisers must follow. We believe that in time, it will become the de facto standard for how remote appraisals are done and move the industry even closer to the realization of the digital mortgage process,” said Mark Walser, president, Incenter Appraisal Management.
These technologies prevent “selective editing,” and transcription errors—helping to ensure the integrity of the data appraisers will use for their final reports.
“RemoteVal is the next step in the evolution of appraisal technology, moving beyond the hybrid model. Its replication of the traditional physical inspection process is what makes it so valuable. It allows lenders and underwriters to have as much confidence in appraisers’ methods and conclusions as they would if these professionals did a physical walkthrough. The technology can also help appraisers increase their earning potential by handling a higher volume of appraisals, while still delivering results that are credible,” said Joshua Walitt, compliance consultant, Walitt Solutions.
RemoteVal has important implications for the ability of appraisers to conduct inspections even in situations where pandemic, hazard, natural disaster, safety and area lockdown concerns are present. In conditions like these, appraisers can still perform their inspection safely for both themselves and the individual at the property, enabling velocity in critical times.
