As a chief appraiser, taking a strategic approach to managing the appraisal process is a good way to keep tabs on all your appraisals, but even the most organized person can find it a bit challenging to achieve much depending solely on Outlook and Excel sheets.
Even if you feel pretty confident about the way you have been handling your appraisals so far, understanding how you can leverage an automated appraisal workflow solution can help you save a lot of time and minimize your bank’s resources that go into appraisal management.
The availability of highly effective, yet affordable, real estate appraisal management software like YouConnect has streamlined the once complex task of managing the real estate appraisal process.
Designed by the RealWired team, YouConnect is an appraisal and environmental workflow platform that allows chief appraisers and appraisal managers to access appraisal orders from a single platform from which they can manage and monitor the entire appraisal process from bid, acceptance, review, and the delivery of the appraisal report.
The appraisal management software not only simplifies the appraisal process by bringing different vendors into a single platform, but also provides subject indices for faster and more accurate collateral decisions that serve your interest.
For instance, an effective appraisal management system can broaden your business intelligence and help protect your bank’s collateral. An enterprise-level risk management platform that aligns with bank policy.
What Are The Benefits of Appraisal Management Software?
If you are still wondering why you should integrate an appraisal management system in your appraisal department, here are a few benefits you should consider:
Saves Time
Traditionally, appraisals are managed using Excel sheets where managers have to enter data manually each time changes are made. Using this method makes order assignment an extremely laborious undertaking requiring emails or phone calls to individual appraisers and vendors.
Also, getting appraisal status updates on Excel was a complex process and managers often experienced a lag inflow of information. For example, orders could be managed effectively during work hours but progress can be stalled relevant parties were unable to communicate outside the official timing. These issues were a major setback on appraisal departments which made them inefficient.
The introduction of appraisal management software has transformed the industry as it successfully addresses the issues stated above.
Web-based appraisal management systems, such as those offered at RealWired, enable appraisal departments to securely store and manage data from a single platform. Managers can easily access and grant authorized personnel permission to search and retrieve data anywhere in the world.
YouConnect allows you to create an appraisal order at a click of a button starting with an appraisal request by lending. It then flows through the appraisal department to bid to approved vendors, reviewed, then continues the process to completion. Similarly, previously complex tasks such as ordering residential or commercial appraisals, environmental reports or evaluations can be done in a matter of minutes. Details are updated in real-time ona common dashboard, keeping all parties in the loop about the appraisal status at all times.
It Saves Money
To address the limitations associated with traditional appraisal workflow management methods, banks had to employ more resources which ended up costing a lot of money.
These important features allow fewer resources (human and equipment) to manage large appraisal volume and save the bank thousands of dollars. YouConnect is an appraisal department software platform that helps you achieve increased efficiency in the bank workflow. The platform supports over 20,000 lenders, credit officers, and vendors.
Enhance Appraisal Quality While Staying Secure and Compliant
Appraisal management applications not only make it easy for users to manage appraisal orders, but they also help them to evaluate and monitor them. As an appraisal manager or chief appraiser, you have access to tons of data as you continue to use the system.
The YouConnect technology allows you to monitor work queues, identify bottlenecks and reallocate work responsiveness in alignment with changing conditions. In addition, you can use the software to grade your vendors for quality control.
It helps you stay secured and compliant
An appraisal management software platform helps ensure that your appraisal orders comply with standard regulations and policies while providing transparency and independence for your appraisal department when valuation is done.
Mortgage lending best practices frown at discrimination and partiality in the appraisal process. Using an automated appraisal platform means that clients will not be able to influence what happens in the appraisal process in any way. Only relevant information is made visible to the appraiser and the client.
YouConnect is compliant with important regulatory bodies such as FDIC, OCC, Fannie Mae's UAD, and more. The company completes the highly demanding AICPA SOC2 audit annually, meaning you can rest assured that your system is tested, trusted, and reliable.
Makes Communication Easier
If you work in the appraisal department at your bank, your job most likely involves ordering appraisals, communicating with the loan officers, and working with external appraisers. To succeed in that role, timely and effective communication is necessary. Seamless communication with parties and departments is essential to avoid costly mistakes in the appraisal process.
YouConnect is built using highly sophisticated technology that integrates a strong communication platform. Users can exchange information at every stage of the process using features such as live chat and email options.
From the moment the order is created to assignment, selection of a vendor, up to the delivery stage, users get to monitor what each person on the platform is working on. YouConnect supports real-time reporting, allows users to connect to other bank systems, and provides the ability to generate custom reports.
Improved accountability
Accountability is a desirable feature of any appraisal process. Appraisal management software makes it a lot easier for all the parties to remain accountable throughout the valuation process, thanks to the centralization of communication efforts.
The software supports the creation of a reliable audit trail with time-stamps for each stage of the appraisal order.
More importantly, YouConnect increases transparency between lending and credit departments. This allows the lenders to know the status of any appraisal while allowing the appraisal department to make sound collateral decisions.
Excel Vs. YouConnect: Which is more efficient?
Excel is based on the traditional method where data is entered manually, with little or no chance for automation. This method was not only time-wasting and financially sapping, it made it difficult for appraisal managers to customize the process based on the unique characteristics of a particular appraisal.
On the contrary, YouConnect is a digital real estate appraisal management system that allows users to complete an appraisal process in a timely and cost-effective manner. In addition, the software allows you to automate and customize the process to your specific needs, such as engagement letters, giving you full control over the appraisal process.
YouConnect focuses on the following areas:
Workflow: The software helps your team to be more productive with appraisal and environmental workflow. YouConnect increases your operational efficiency by streamlining your real estate appraisal due diligence efforts.
Compliance: Real estate appraisal is a strictly regulated area of practice. Using software like YouConnect helps ensure that you don’t run afoul of the existing laws and regulations. The software keeps you secure and compliant year-round.
Risk Management: YouConnect is property-centric, which means users are supplied with relevant information to make healthy business and lending decisions while minimizing collateral risk.
Large database: The more use the system, the more data is created and stored which can be used for future internal decision making.
About RealWired
RealWired is a real estate technology management and consulting company with over 25 years of experience in the commercial real estate business and technology. Their flagship real estate appraisal management software, YouConnect, offers a reliable and scalable appraisal workflow for banks, helping them to manage the appraisal process in a seamless, efficient and productive manner.
Their appraisal management systems are 100 percent compliant with all applicable regulations and laws. YouConnect is trusted by top banks, including 5/3, Valley Bank, BNY Mellon, SouthState, and many more.
The founders are subject matter experts who draw from their years of experience in the industry designed YouConnect to automate the appraisal process.
Ready to digitize your real estate appraisal process?
As with many industries, real estate appraisal has changed in the last few years with the introduction of appraisal management systems. While more financial institutions continue to abandon the traditional, offline appraisal processes, there are still many more who are reluctant to embrace this change.
If your bank has yet to switch to appraisal management software, this might be the right time to implement a digital appraisal process.
YouConnect allows lenders and the credit side to work together providing transparency to better manage their banks appraisal workflows. The software is automated to save time, reduce cost and increase efficiency.
For more information about YouConnect by RealWired, please visit https://realwired.com/.
