Bradford Technologies partnered with Woodfinn to introduce Compass Interactive, a seamless interaction between Woodfinn Compass, a cloud-based appraisal management software, and Bradford Technologies’ ClickFORMS appraisal software. With Compass Interactive, lenders and AMCs get access to instant communication with appraisers who use ClickFORMS. This can dramatically improve the efficiency of the review process by eliminating quality control-related appraisal resubmissions.

Appraisers and companies with appraisal management operations rely primarily on email and phone communication to review and request resubmissions of the appraisal. This can lead to a lag in communication during the review cycle, which can ultimately result in significant delays and redundant effort for both parties.

Compass Interactive enables appraisers to upload a fully compliant appraisal the first time, therefore eliminating the need for appraisal operations staff to contact the appraiser and track appraisal resubmissions due to standard quality issues. The efficiency gained by providing an interactive review process with instant feedback loops, drastically reduces the turn-around time during the review phase.

“It’s no secret that communication between appraisers and AMCs can often be a challenge,” said Jeff Bradford, chief executive officer of Bradford Technologies. “We worked closely with the Woodfinn team to create a seamless connection between the appraiser’s desktop and Compass Interactive, so that appraisers using ClickFORMS or CompCruncher will experience an increase in productivity when submitting appraisals to an AMC using the Compass system. It makes communication so much easier.”

Bradford Technologies’ ClickFORMS appraisal form-filling software and its new CompCruncher software that enables an appraiser to produce a more reliable, statistically supported appraisal are the first products to integrate with Compass.

“The combination of a cloud-based appraisal management system with a real-time interactive review process and a statistically supported appraisal represents a significant leap forward in property valuation technology. The result is that mortgage lenders can have the peace of mind that their collateral evaluation process is second to none,” stated Guillermo Gower, chief executive officer of Woodfinn.

Based on the results of Compass Interactive, Bradford Technologies and Woodfinn will continue their joint efforts to expand Woodfinn’s cloud-computing foundation to offer an open cloud-based Interactive Appraisal Review service, independent of Woodfinn Compass and open to any appraisal management system.