Accurate Group, a provider of real estate appraisal, title and compliance services, has launched a new appraisal turn time indicator framework. The new analytics framework, branded Forecasted Appraisal Turn Time Indicator (fatti), aggregates nationwide data from Accurate Group’s extensive appraiser panel to generate monthly forecasts of appraisal turn times, the company’s release said.
Accurate Group is now distributing monthly fatti reports to its lender clients to help them manage appraisals and more accurately set purchase agreement terms, rate lock commitments and borrower expectations. The fatti report is broken down by the lender’s footprint to deliver more accurate turn time forecasts based on the unique characteristics of each real estate market.
Appraisal turnaround times are a critical component of overall loan cycle time, which is a key performance indicator for banks, credit unions and other real estate lenders as they strive to improve profitability and borrower satisfaction. Accurate Group’s fatti report is designed to help lenders better predict appraisal cycle times, which have been widely varying due to market volumes, cost volatility, complex regulations and a growing appraiser shortage in some markets.
“As an appraisal management company, we are always striving to deliver greater value and transparency to our lender clients while also improving relationships with our appraiser partners,” Accurate group President and CEO Paul Doman said in the company’s release. “This new analytics tool gives clients the insight they need to improve their appraisal management processes and better manage borrower expectations. It is also improving our relationships with both lenders and appraisers because we are all managing to the same data set. Transparency has always been a key differentiator for Accurate Group as an AMC, and the fatti framework is just our latest offering to ensure lenders have the information they need to be successful.”