First American Mortgage Solutions announced a new technology solution which can cut appraisal turn times by as much as 20%, initial reports showed.
First American reported its initial findings after months of testing its new smart valuation offering, which integrates big data, mobile technology and reconfigured workflows to enhance the appraisal process.
The findings show the new offering reduces appraisal turn times by 16% to 20%, and improved quality. What’s more, the company explained it expects the valuation offering will continue to reduce turn times even further.
“Moving from loan application to close faster is a long-awaited evolution being fueled by access to better data and technology, which allows us to rethink traditional workflows and processes,” said Kevin Wall, First American Mortgage Solutions president. “This has been a major aspiration for us, along with the entire mortgage industry, and we’re excited to be at the forefront of game-changing progress.”
The new technology assists the appraiser in both research and reference data. The company explained its software and data also help with appraiser selection and optimization. The company clarified that the tool is not a replacement of the traditional appraisal process, but rather, a tool for appraisers to utilize in their evaluation process.
“This is a collaborative process using innovative tools that can benefit appraisers, and by no means would it replace them,” Wall told HousingWire. “Rather, our smart valuations process helps take care of the prep work involved in property inspection, so appraisers can focus on providing expert analysis.”
The company explained that appraisers can use the new tool on any loan type, and infuses data into the appraisal process.
“Smarter valuations are achievable because of the incredible assets amassed by First American, specifically data, technology and industry expertise,” Wall said.
“We are continuing to invest in every area of the mortgage continuum where we see an opportunity to lever our assets to improve quality and consumer experience,” Wall added. “We have the ability to transform weeks into days, while empowering appraisers to best utilize their talents and skills.”.