NAN Incentivizes Appraisers With "Next-Day Pay" Initiative

Nationwide Appraisal Network (NAN), an appraisal management company, is implementing a new incentive for appraisers to turn over valuations quicker. NAN will now wire appraisers their full appraisal fee within 24 hours for work completed on time or early. 

The industry standard for an appraiser to get paid is typically 30 days. The “Next-Day Pay” initiative adds a valuable incentive and an added layer of accountability. NAN now reports a 90% success rate for on-time appraisal delivery to the lender, even through the recent volume spike. 

CEO, Joni Pilgrim, said, “Appraisers are experiencing the highest levels of volume in years, and as an AMC, it is our job to not only support them through the current spike but show our appreciation for their hard work and dedication to NAN and this industry. We need to continue investing in their future and this is just one of many steps we are taking to show our commitment to their success."

“The biggest challenge the industry is facing right now is the lack of appraisers in busy markets, leading to delayed appraisals and delayed closings,” said Steve Sussman, chief business development officer. “By evolving our pay model to truly incentivize on-time delivery, we can do our part to help solve this challenge that so many mortgage professionals are facing. We now pay our appraisers 30x faster for on-time work. I'd say that's a win for all parties involved.” 

For more information about NAN and their mission to raise the bar on turn-times and report quality, visit the Nationwide Appraisal Network website.