Everyone is using data during the appraisal review process—no matter if it’s during creation, delivery or analysis of an appraisal. The question is how is the data being used to better the appraisal review process? While data has become the shiny object that everyone has to have in the real estate industry, few are using it in a coordinated and efficient manner.
Appraisals are validated by appraisers, AMCs and financial institutions using different data points; questions are then raised, and the industry norm of wasteful communication cycles between appraiser, AMC and client for correction, clarification and confirmation remains.
Introducing Pro Teck’s Intelligent Quality Control.
Intelligent Quality Control enhances appraisal quality by giving appraisers and review staff the transparency needed to address potential issues before an appraisal is submitted. While tools like Collateral Underwriter are being used post-delivery to identify appraisal risk, Pro Teck’s Intelligent Quality Control presents the necessary information to the appraisers earlier so they can correct and comment on any issues before appraisal delivery.
Having examined hundreds of thousands of appraisals, Pro Teck found that most are disputed due to issues that could have been corrected if the right information was presented at the right time. No one wants to revisit an appraisal weeks after it has been completed – Pro Teck’s Intelligent Quality Control fixes issues before submission and documents reasons for exceptions so you can feel confident your appraisal will stand up to scrutiny.
How We Created the Most Efficient Appraisal Review Tool Available
Pro Teck partnered with Platinum Data’s RealView®, and embedded a customized implementation of RealView in its proprietary Appraisal Platform – giving appraisers the insights needed to address any appraisal issues before submission.
Pro Teck’s staff then uses the same Intelligent Quality Control platform during quality review, creating a paper trail of issues and resolutions on the appraisal file, which includes capturing Review Staff commentary and approval of all exceptions. This provides a full paper trail of the review process—a great advantage to clients who need to provide this level of transparency and proof to investors or regulators.
By including a paper trail that flags, documents and resolves appraisal issues pre-delivery, Pro Teck’s Intelligent Quality Control provides the transparency needed to understand the basis for accepting exceptions – leading to higher appraisal quality, fewer disputes and shorter turn-times. An overall appraisal risk score, as well compliance, credibility and complexity scores can also be provided, giving you the opportunity to maximize internal review resources by routing higher risk appraisals to your most experienced staff.
Welcome to the future of proactive appraisal quality control!