[Expert commentary] Technology innovation is rapidly permeating every aspect of mortgage lending to streamline the loan manufacturing process and open the door to a better borrower experience. We are already seeing a measurable reduction in turn times with no degradation in quality, and more progress is expected. The desire to achieve more efficient and accurate valuations that will bring consumers to the closing table faster is no longer an aspiration, but a reality.
When it comes to valuations, every lender wants reasonable cost, high- quality and timely turnaround. However, we have been conditioned that the appraisal process has trade-offs—you can have two items on the list, but not all three at once.