Waiting for a commercial appraisal to come can feel watching grass grow. While most appraisals can take one to two weeks, some can take much longer, depending on the property type.
After waiting, the last thing lenders or AMCs want is pesky delays caused by inadequate appraisal management processes. The answer for lenders is relying on an appraisal management software that provides a streamlined workflow that enhances project control, simplifies compliance, and allows lenders to work smarter, not harder. This all sounds great until you hear…
Many lenders within the industry are using antiquated commercial valuation technologies that have failed to adapt to today’s modern mortgage environment. This causes a whole slew of problems for lenders because the systems lack necessary functionality causing time-consuming workarounds, long turn-times, additional costs, and loss of revenue.
If you are one of the many lenders or AMCs scratching your head trying to figure out how to speed along the back-end processes for commercial appraisal management, you are not alone!
Fortunately, options on the market can eliminate these common pain points and allow lenders and AMCs a fully digital process that centralizes all documentation and communications. These modern solutions should come with features such as:
- 100% configurable platform, including fields, forms, reports, and more
- Customizable workflow automation
- Instantly drag and drop large appraisal file uploads with no browser time-outs
- Providing an easy way to send RFPs to multiple vendors and receive bids
- Electronically digitizing your appraisal review forms for an integrated, consistent, and reportable approach
If you struggle with antiquated software and need help speeding along your appraisal management process, you should check out EVO® appraisal management software. It comes standard with all the features mentioned above and more! EVO can reduce appraisal turn-times by 30% and appraisal review times by 25%.
Becoming more efficient starts with the right appraisal technology. Click here to set a time to see how EVO can help you reduce turn-times.