New Appraisal Software Streamlines Vendor Management
California-based software developer InHouse launched a new software platform to manage the myriad appraisal vendors in the valuation industry within a single source. InHouse said its Connexions software combine technologies for analysis, data mining and workflow and allows the user to manage appraisal processes for multiple appraisal vendors, including appraisal management companies (AMCs), appraisal companies and independent appraisers. The use of AMCs is on the rise as lenders look to these firms to maintain compliance with the Home Valuation Code of the Conduct (HVCC) and the Federal Housing Administration (FHA)’s appraiser independence guidelines. “Connexions gives lenders the freedom to run their appraisal processes the way that works best for them, all while saving time, saving money and staying compliant,” said InHouse president Jennifer Creech. “Changing vendors should not be so difficult that a lender gets locked in with any one provider. The best solutions can be found through a comparison of vendors, whether AMCs, appraisal companies or individual appraisers.” The software lets the lender user configure and control distribution of appraisals to vendors. An analytical function also allows lenders to ensure geographic competency of appraisers. Rather than paying for the software up front, users pay a flat transaction fee per appraiser. Write to Austin Kilgore.