Lenders and appraisal management companies often struggle with inefficient workflow management. The manual workload of appraisal reviews takes a significant amount of time, which limits the number of appraisals a lender can review in any given day – ultimately pushing closing dates further out.
With automated review solutions supported by a robust collateral database, CoreLogic provides an innovative, risk-based review engine that results in a comprehensive review of each appraisal.
The solution is focused on providing an efficient, streamlined process to manage appraisal reviews and to add quality control to the process with the least amount of friction possible.
CoreLogic automated appraisal review solutions are scalable and offer fast analysis, up-to-date compliance assessment and insights based on the industry’s largest collection of public records, local listings and pending sales data.
The solution leverages automation technology to perform a complex data verification process more quickly than a human would be able to do manually.
Here’s how the automatic appraisal review process works:
- A quality control checklist is configured based on the client’s needs.
- Rules can be made appraiser-facing so that key issues are identified and resolved by the appraiser before the report is even delivered to the lender or AMC.
- A more comprehensive rule set runs automatically once the report has been delivered and the reviewer can take a closer look at any issues that have been flagged.
The solution provides up to 97% checklist automation. This leaves the reviewer free to focus on issues that have been flagged, such as missing information, appraisal issues and potential data inaccuracies, all resulting in a comprehensive review with lower risk.
In addition, the appraiser-facing rules help address redundant mistakes in the report. Rules can be changed at any point to support scalable processes, with options including customizable rule sets to ensure investor needs are met. The solution even prevents the appraiser from delivering the report until key issues are solved.
Standard GSE rules can also be incorporated to support regulatory compliance.
“By automating the appraisal review, lenders and AMCs are able to complete the review process on a higher number of appraisals in a reduced amount of time, allowing the lender or AMC to take on a higher order volume successfully without the delays inherent in a cumbersome, manual process,” said Shawn Telford, senior leader of product management. “The appraisal review solutions resolve the burden of trying to overcome high loan volumes during peak times.”
The appraisal review solutions can be accessed using the CoreLogic collateral management platforms and one is also available via direct integration. Guidance is provided during implementation to help streamline the quality control process.
“The automated review solutions allow lenders and AMCs to largely customize the complex quality control process, tailoring the results to the needs of their business practices,” said Sage Nichols, executive of client and business development. “By leveraging our technology, clients can reduce their overall appraisal review times, increase the number of loans managed at any given time, and decrease expensive overhead costs.”
Vicki Chenault, Executive of Collateral Valuation Services
Vicki Chenault transitioned into her current role at CoreLogic after leading enterprise-wide strategy and transformation initiatives, including advancing the roadmap for The Columbia Institute. Chenault previously served as Senior Vice President of Escrow Services for CoreLogic. Chenault joined the company in 1997 and has more than 30 years of mortgage industry experience.
Sage Nichols, Executive of Client and Business Development
Sage Nichols is responsible for generating organic revenue growth through leadership of the collateral platform technology sales team at CoreLogic. Nichols has spent over 17 years in the mortgage industry in various roles including strategic alliances, account management, strategy and planning, and sales leadership.
Shawn Telford, Senior Leader of Product Management
Shawn Telford leads the product management team as they create industry-leading collateral management and valuation technology for lenders, including industry-leading analytic and software solutions. He has been with CoreLogic (through the acquisition of FNC, Inc.) since 2007. He is a Certified Real Estate Appraiser.