Have you ever asked yourself, “Which AMC do I send this appraisal order to?” If so, you’re not alone. Thousands of appraisal orders flood the market every day from lenders across the country. Whether you need to submit an order in Florida or Colorado you typically have the option of sending it through a few different appraisal management companies. Granted, you may defer to your “go to” AMC that gets the majority of your business, and seems to be servicing your account just fine. However, how are you able to accurately determine which company will provide you with the best report, in the shortest amount of time, with as much transparency as possible?
If you’re drawing a blank, listen up.
Our industry, appraisal management, is mostly built on anecdotal data. People tend to go with who they “think” is performing well, or who they “hear” has great turn times in those difficult states (we ALL know which states I’m talking about). So, it’s no secret that year in and year out companies are constantly re-evaluating their vendor relationships and looking for greener pastures elsewhere. Sure, those new relationships are always great. There’s nothing better than the honeymoon period, but as we all know, that tends to wear off quicker than we would like. When it’s no longer sunshine and rainbows, and turn times are causing your LO’s and Real Estate Agents to call you with the same frequency as a debt collector, what do you do?
Without the data available to truly monitor the performance of your AMC partners it’s made predicting and planning the home buying process much more difficult. For example, with TRID taking effect in October of 2015 lenders are no longer closing loans within 30 days at the pace in which they were before the changes took place. That means closing a loan within that elusive 30 day window has much more value than it may have in the past. With rates as low as they are, and Millennials entering the market, it’s important to capture the “Instant Gratification” audience with appealing offers, and the fastest possible closings. In order to ensure that those kinds of borrowers’ loans close fast, the appraisal order is now under even more scrutiny than ever before. So, how do you ensure that you’re sending your report to the right AMC every time? Keep reading.
AppraisalQPM is a software application that allows its users to see data that’s been analyzed in an easy to use dashboard setting. You no longer have to comb through monthly Excel spreadsheets to compare turn times between all of your AMCs (we all know how long that can take). Each user will have the ability to see how all of their AMCs are performing across the board at a State, County, and Appraisal Form level. Yep, that’s right. Every AMC will be evaluated daily to ensure that your orders are allocated to the RIGHT company, every time. Turn times, fees being paid, revision requests, and post completion underwriting conditions will all be available in real time.
It’s no secret that every AMC is working with the exact same pool of appraisers. So, how do you know which appraisers are top performers, and whether or not they perform better for one AMC over another? With AppraisalQPM, you can. The appraisers assigned to your orders, just like the AMC, are evaluated by the same standards listed above, and more.
Choosing the right AMC is crucial to the lending process. Making your borrowers happy can lead to referral business and additional business from that same borrower when they look to refinance in a few years. In an industry that’s driven primarily by word of mouth, it’s time that we had something to hold our appraisal vendors accountable. AppraisalQPM is the tool that you need to do just that.
For more information on AppraisalQPM, and how we are revolutionizing appraisal management, please feel free to reach Ryan Retaleato at Rretaleato@nationwide-appraisal.com
About NAN: Nationwide Appraisal Network is an industry leader in appraisal management, providing a unique approach to valuations through customization, innovation, and quality.