Mortgage technology provider SharperLending LLC announced the release of a new real estate appraisal quality control software tool for mortgage lenders and AMCs. The Appraisal Report Comparison tool compares the original appraisal report with any subsequently delivered appraisal reports delivered on the same loan file that may be a result of revision requests or comparable disputes, the company announced in a release.
The Appraisal Report Comparison saves lenders, AMCs, reviewers, appraisers, and underwriters countless hours reviewing appraisals when an appraiser delivers a subsequent appraisal. Additionally, it provides greater protection to lenders and speeds up the quality control process for AMCs, while mortgage lenders and AMCs get increased efficiency and better protection utilizing this tool.
“The Appraisal Report Comparison eliminates the manual work of identifying disparities between the two files by automatically tracking, comparing and displaying differences to ensure proper modifications were made and nothing unexpected is in the final deliverable,” the release said.
The Appraisal Report Comparison allows lenders that are currently using the Appraisal Firewall real estate appraisal technology to take the originally delivered appraisal report, and the most recently delivered appraisal report, and then scan each side by side for differences. All of the differences that are detected are highlighted line-by-line to make it obvious to the viewer what changed.
“According to our data, over 33 percent of delivered appraisals require some sort of revision by the appraiser,” SharperLending CEO and President Dave Black said. “The Appraisal Report Comparison eliminates the manual work of identifying disparities between the two files by automatically tracking, comparing and displaying differences to ensure proper modifications were made and nothing unexpected is in the final deliverable.”
Companies that do not utilize the Appraisal Firewall technology can access the Appraisal Report Comparison. Especially for AMCs who perform extensive, quality control work on appraisals that are delivered to them.
“We want to ensure that the quality control benefits provided by this tool are accessible to anyone with speed bumps in their QC process,” Black said. “Companies such as AMCs do not need to be clients of ours to utilize this tool. All they need is the original appraisal, and any subsequently delivered appraisals, to run the comparison. They can then see any discrepancies in seconds, and respond accordingly based on the findings. By mining our copious amounts of data and combining these results with our technical expertise, we can increase value for lenders, AMCs, reviewers, underwriters and other real estate appraisal professionals through effective and innovative utilization of technology.”
Appraisal Firewall is secure, web-based technology for lenders to manage their own appraisal process. It connects lenders directly to their appraisers and any AMCs they want to work with. Appraisal Firewall is the leading appraisal management software tool to increase process efficiency and to assist lenders in complying with all appraisal independence regulations. Appraisal Firewall is not an AMC, but provides technology to support the business of many AMCs.