When it comes to appraisals, you want them done quickly and accurately. AppraisalQPM is a cutting-edge machine learning platform that helps lenders choose the best appraisal management company (AMC) for the job based on quality, reliability, turn times, performance cost, and score.
Nationwide Appraisal Network (NAN) developed and launched the cloud-based application in 2016 with the help of Jim Cutillo, CEO of Theoris Software. Prior to AppraisalQPM, data and analytics on performance and quality of AMCs and appraisers had never been collected, analyzed or published for transparency making it next to impossible to compare and identify the best AMCs and appraisers.
After years of meeting with lenders to discuss client satisfaction Joni Pilgrim, Chief Business Development Officer of NAN, decided to do something about it. Joni and her team were spending too much time manually checking criteria to determine if an appraiser was ideal for an appraisal and creating large spreadsheets of performance data that took countless hours to report out to lenders every month. Once NAN implemented the new AppraisalQPM technology in their workflow, they saw an immediate impact, such as improved turn times and quality.
Choosing the wrong appraiser upfront can lead to problems down the road, like additional time spent on corrections on the back end. AppraisalQPM uses real-time data and analytics to monitor the quality and performance of AMCs and their appraisers to help you choose the right AMC. The insight and the transparency that the technology provides ensures that AMCs deliver excellent quality and performance for every order.
As one of the nation’s leading AMCs, NAN quickly embraced the new technology and is now able to select the top performing appraisers and deliver the highest quality appraisals possible for every order. To help NAN choose the right appraisers, AppraisalQPM uses quality and performance data, including turn times, quality, reliability, performance cost, and due dates met, to generate an AQPM Score. NAN then uses the AQPM Score to compare appraisers by zip code, mortgage type, and property type to choose the best appraiser for the job.
You can’t select appraisers based off of fee and turn time alone. Since AppraisalQPM tracks performance and quality at every level, NAN has more data points to consider for appraiser selection. NAN is able to select the best appraiser down to a zip code, property type, and loan type level. For example, NAN can select the best appraiser for an FHA condo appraisal in South Beach, Florida, and the best appraiser for a manufactured home appraisal in Ocala.
AppraisalQPM also helps ensure compliance with federal and state regulations. In addition to compliance regulations, AppraisalQPM helps AMC’s with their monthly reporting. NAN staff members no longer spend countless hours creating performance reports for lenders. AppraisalQPM does it for them.
Since NAN first implemented AppraisalQPM in January 2017, NAN has been able to reduce turn times, improve accuracy, reduce underwriting errors, decrease performance costs, shorten turn times, and improve overall performance across the board. As a lender, that means more money in your pocket and higher quality appraisal reports for your clients.