Appraisal Portals

[Craig Backus]

Dynatek markets a loan origination software system known as MORvision. We have over 180 clients nationwide, and we're reviewing different appraisal transaction portals. While we're concerned that our lender clients embrace this technology, we're also expecting that appraisers' opinions will play a large role in whether or not the lender signs up.

In reviewing the posts, it appears that EDI is being accepted, and we anticipate our customers will like it too. What we're hoping for is that once someone types in the consumer's information at the time of application, then no one has to type in that information again. It should flow from our system, to the transaction portal, to whichever software the appraiser uses, and then back again. We can also attach the PDF or other document right to the application within the LOS. This should eliminate a lot of phone tag and mailing costs and make the process better for all involved.

Which portals do you use? What are the advantages and disadvantages? Which portals would you discourage your lender clients from using?

Thanks for your help.

 

[Em Tee]

Although I'm still a newbie to the appraisal world, I consider myself somewhat technologically savvy. I just don't see any advantage to these various appraisal portals when email is so quick, easy & free. Am I missing something? Maybe someone could point out why I'd want to pay for something that I can accomplish myself at no cost :question:

 

[Craig Backus]

E-mail alone accomplishes a lot and eliminates the faxing, but it's still a disconnected process. If the appraiser uses a software forms package, then they would have to cut and paste the order information from the e-mail to their system.

When the order is complete, someone still has to go in and save the attachment to a directory to be found later. The solution we're trying to get to is one where once the appraisal is complete, it would automatically be sent to the lender and become attached to the application. This would make the process for lender and appraiser more effecient and save real dollars in manpower costs.

Additionally, e-mail is not a very secure way to transmit data. There are more secure ways to exchange data over the Internet, and the portals can offer this security.

 

[Pamela Crowley (Florida)]

Great!

Charge the lenders for it. It's convenient for them, not really for us. The mistakes in their input going into my appraisal? NOT!

 

[EDWARD BERRY]

APPRAISAL PORT ARE YOU LISTENING?

ALL you have to do is contact the appraisal software people and put a few "hooks" and the request info will populate our forms.(about 50% is acurate".

AP has almost eliminated phone calls from clients.

There is a tract record of assignments, shipping, errors etc.

The wheel has already been invented it just needs a little "dolled up"

Happy Bytes in Arkansas-ed

 

[Em Tee]

RIGHT ON PAM!!!

 

[Mike Garrett RAA]

The industry standard is Adobe Acrobat .pdf format attached to an email. It is quick and easy. My software works with it just fine and there is no charge for the service. If you are really serious contact Dave Biggers, CEO of Alamode and look into their Mercury program. I think you will find more appraisers willing to work with email than any other way.

 

[Ghost Rider]

Lets be honest, isn't the real reason you lenders don't like .PDF formatted reports because you can't simply extract the comparable data from them as easily as you can if we were to send the raw data file directly to you, to help build your database for the AVMs everyone is working with these days??

I got a kick out of a nice glossy flier from Landsafe today -

Electronically transmitting appraisal data is different from sending a .pdf file of the appraisal through email. A .pdf file provides only a picture of the data, while submitting an appraisal using electronic data interchange (EDI) makes the data available in a format that enables lenders to auto populate their loan origination and automated underwriting system

Wow.....so how exactly does that help us, the appraiser?? Sounds GREAT for the lenders though.....Why not just call it what it is, data mining.......I get a fair bit of work from Landsafe, and for the most part, their "schedulers" are pretty cool to deal with on the phone - and I get a TON less status calls from their AppraiserLink system, but I have no interest in helping the lenders pull our data apart to work towards elimination of appraisers through AVMs, which is what they are pushing towards.

 

[Tim The Enchanter]

I don't see much advantage in a Portal that's worth paying for,
versus Emailed attachments.

The solution we're trying to get to is one where once the appraisal is complete, it would automatically be sent to the lender and become attached to the application. This would make the process for lender and appraiser more effecient and save real dollars in manpower costs.

This has been done, or something pretty similar, I'm sure. Primis. <_<

And can be done with Lotus Notes. If you're all on the system. I believe.
But, don't call me techie.
I can't fix your blue screen of death. Or mine either.

 

[Tejus]

Craig, I have a couple comments:

- The assignment information can be sent as an email attachment to the appraiser in an agreed upon format (good luck). The appraiser can then load that info into his appraisal sw package. If necessary, use a public domain encoding package for additional security.

- Going thru a portal will never be as easy as an email attachment. When going thru a portal, you require the appraiser to resolve any issues that occur between the client sending the assignment and the appraiser receiving the assignment. With email, all the appraiser does is open his email, the email transfer is handled by the email system.

Keep in mind you are dealing with many single or small shop appraisers who have good intentions but are technically challenged and prefer not to deal with these type of problems.

- If you are going to push a public std for data transmittal, then that information needs to be readily available to the public.

- The final appraisal can be attached to the client's file as a pdf attachment. I believe they already do this with non recognized attachments in an appraisal report.

- Clients can add hooks to process incoming email appraisal reports to automate the process.

Add these issues to the other issues already raised.

cheers.