Walker & Dunlop, Inc. and GeoPhy have launched a new industry-changing appraisal company called Apprise, according to a release from Walker & Dunlop, Inc.
As a result of these outdated processes for preparing appraisals of multifamily assets, appraisal reports can take up to three weeks to deliver, may include data inconsistencies, and result in a highly subjective valuation, which varies dramatically from appraiser to appraiser, the company stated.
“By combining Walker & Dunlop’s deep industry knowledge, GeoPhy’s powerful data science and analytics technology, and the experience of a team of highly respected appraisal professionals, Apprise will eliminate the outdated, manual processes that plague the multifamily valuation industry,” the release stated. “The new company will employ machine learning to provide a more objective, consistent, and transparent FIRREA-compliant multifamily appraisal delivered in as little as five days.”
In the multifamily sector alone, more than $2.9 trillion of assets depend on valuation expertise for every transaction. Apprise will put information in owners’ and operators’ hands sooner, empowering them to make more informed decisions on acquisitions, financing, and equity investments, all of which directly impact their businesses.
Apprise also benefits real estate investment firms and lenders who can use the shorter underwriting and appraisal processing timelines as a competitive advantage, Walker & Dunlop, Inc. said.
“We are extremely excited to launch Apprise in partnership with GeoPhy,” Walker & Dunlop Chairman and CEO Willy Walker said in the release. “We saw an opportunity to revolutionize this crucial part of the multifamily mortgage process to better serve borrowers and lenders alike. Appraisals have often been a pain point in the underwriting process, but we’re turning them into a differentiator that will not only save time, but money. We are always looking for ways to better serve our customers, and we believe this technology will be immediately accretive to our clients.”
GeoPhy founder and CEO Teun van den Dries said what sets Apprise apart from the competition is that its technology is designed to accelerate 80 percent of the appraisal preparation process.
“The innovative solutions we’ve built have allowed us to recruit some of the most respected talent in the appraisal industry, including Meghan Czechowski, previously the national multifamily practice leader at Cushman & Wakefield, and Amanda Cooper, formerly Colliers’ Florida multifamily practice leader,” said Brad Savage, chief product officer at Apprise.
Apprise covers more than 30 states and is targeting nationwide coverage by this summer.