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All appraisal companies need some way to track their
appraisals in process, even if there is only one appraiser. As you get more
appraisals, and appraisers, to manage, the task becomes much more difficult.
Many banks who order appraisals have developed custom
in-house computer programs, but they are expensive to install and maintain.
Almost all use email transmission, a big hassle for large appraisal files,
typically well over 1MB.
For fee appraisers, having a client with a Web-based system
that will send, track, and receive their order plus allow them to send
messages, such as a delay by the borrower, is a big plus. Wasted time on the
phone with a client providing updates and re-sending a "lost" emailed report
means wasted time and money lost.
One of my oldest bank clients developed an in-house custom
appraisal management program several years ago, but it is email-based for the
appraisers. A Web based system would be much better for me as then I could
upload my appraisal files, keep a good record of any messages I sent, etc. I
don't have any way to interface directly with their computer program, which
allows other people within the bank to have updates on appraisals.
I can see the advantages of a Web-based system like
AppraisalTrac.
What does AppraisalTrac do?
I have looked at many in-house systems that do part, or
all, of appraisal management. They are all similar in what they do, except some
don't do all the process. For example, they don't have a good way of recording
status updates.
I accessed AppraisalTrac separately as a client, manager,
and appraiser. I found the screens easy to use. Navigation was also easy,
without a lot of menus to sort through, as compared with other systems I have
tested.
Appraisers can display and sort their orders, check
messages, and post updates such as a delayed appointment. Uploading appraisals
was also easy. Files can be PDF or any other format, such as Lighthouse.
Appraisers are notified of new orders by fax, email, or both.
Appraisal files are encrypted and compressed when being
uploaded, a much better method than unsecured, uncompressed emailed files.
AppraisalTrac works with many applications used by
appraisers, including AOL and cellular modems.
What type of customers was this developed for?
Dattar is targeting companies who order and track 300
appraisals a month, minimum. They could be banks, mortgage brokers, AMCs, or
large appraisal companies.
How do fee appraisers fit in?
Technology is the present and the future for lending, and
for appraisers, particularly if they do lender work, which is almost all
residential appraisers.
The "good old days" of developing a personal, face-to-face
relationship with clients is fading fast, particularly in lender work.
Clients using this type of system make it much easier for
fee appraisers to work with them. Everything is done on a Web site. No
proprietary software, no problems with email delivery of large appraisal files,
notification by fax or email of new orders, etc.
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