Appraisal Port

[Jordan Scott]

Can anyone tell me why lenders/banks use appraisal port over other AMC's? Is appraisal port used due to the fact that they review the appraisals or just as a method of ordering the appraisal? Anyone know?

 

[Tim Hicks (Texas)]

Appraisalport does not review anything. It is a delivery portal. The lender orders the appraisal through appraisalport and accepts delivery through appraisalport. Among other things.

 

[Jordan Scott]

Review

I thought one of their main selling points was that they have software or some method of reviewing the appraisals. I guess I heard wrong.

 

[Mike Kennedy]

http://www.collateraldna.com/ncdb.htm

http://www.collateraldna.com/appraisalscore.htm

Here’s how The Appraisal Score works:

• Submit appraisal report.
• Experience automated collateral underwriting—based on a weighting of GAAR™, the industry-leading Risk and Compliance rules-based engine.
• Receive a score of the appraisal report, a simple designation of good or bad based on lender’s risk tolerance criteria.
• Review comprehensive report as needed, detailing which rules fired and why.

http://www.appraisalport.com/details/faqs.aspx
APPRAISALPORT Q&A


OWNED AND OPERATED BY FNC
http://www.fncinc.com/Collateral_Management/ncd.aspx

 

[OSU Beavers]

OWNED AND OPERATED BY FNC

Oh so its a data stripping portal.

 

[Mike Kennedy]

Oh so its a data stripping portal.

http://www.collateraldna.com/ncdb.htm

 

[Jordan Scott]

Is this something that many banks and lenders are using or is it more of a gimmick type thing?

 

[Mike Kennedy]

No "gimmick".

 

[DWiley]

Jordon,

It is definitely not a gimmick. I just logged on to check. We have 15 clients that use AP.

DW

 

[Jordan Scott]

I was referring to the collateral dna when I typed "Gimmick". I read appraisal ports marketing and sales information and by the time your done reading it, I'm not even sure what product they are offering. They have many descriptions of all different valuation products and rating systems, I wasn't even sure where the appraisal came into play. My point is, it seems they have this very complex marketing pitch but when you break it down its really a service that transfers the an appraisal report to the client. Do I have this right?