When the mortgage industry thinks about the benefits of valuation management technology, it’s generally associated with compliance adherence, cost reductions, and efficiency gains. However, one key piece of functionality is typically absent from not only the minds of most decision makers, but also from most online appraisal management platforms: configurable workflow automation.
Staff efficiency, order and vendor management, turn-times, and overhead costs are all negatively impacted when utilizing a management platform that has gaps in its automation and functionality. This fact only leads to more stress amongst your co-workers and the very anxiety you’re trying to avoid.
Having a seamless, workflow-driven process will allow for quick, easy configurations, and will all but eliminate manual touch points – thus reducing human error and more effectively managing compliance. It is the key ingredient for an efficient, self-sustained valuation management process, but it must account for the entire process in order to be a true benefit.
eTrac® not only manages every key aspect of the valuation process, it automates this entire process from start to finish via its unique Workflow Engine – a status-driven tool that allows you to trigger automated actions based on the statuses of your appraisal orders.
Thousands of workflow configurations, which are self-configurable through an easy-to-use rules engine, are available and can be set to process once, always, or only when an order status changes. Some popular examples of its functionality include:
- Fully customize and automate email or file delivery to multiple recipients.
- Schedule automatic notifications and reminders to your appraisers or staff.
- Automatically send specialized reports to selected recipients as attachments.
- Assign orders to engagers, reviewers, or supervisors automatically.
- Give permission to selected appraisers or staff so they can view files automatically.
- Automatically run a MARS® appraisal review (or other review products) on uploaded files.
- Automatically run specified data analytics products on uploaded files.
- Automatically submit UAD XML files to the UCDP or EAD portal.
eTrac’s Workflow Engine also includes specialized automation capabilities for those that utilize the system’s LOS integrations and other Web Services (including Client and Vendor API integrations).
In short, eTrac’s unique automation will provide your team with new found efficiencies that will make a noticeable difference to your overall appraisal process – no matter what business model you follow. And, making the switch is less daunting (and expensive) then you may think.
Contact us today at firstname.lastname@example.org for more information or to set up a free demo.