Theoris Software has completed the implementation of the Appraisal Quality and Performance Management (AQPM) for ACT Appraisal Inc. The implementation provides ACT and its clients streamlined access to Theoris’ AppraisalQPM, a cloud-based platform designed to optimize the selection of AMC’s and appraisers through powerful data, analytics and an intuitive dashboard interface, the company announced in a release.
“Theoris Software’s flagship technology, AQPM, will provide ACT and its clients the capability to drill down by local market, mortgage type and property type. It also automates the selection of the optimal, or best, appraiser for each assignment,” Theoris Software CEO Jim Cutillo said in the release. “The result is that appraisals are completed with improved turn times, increased quality and performance, as well as fewer Underwriting Conditions, reduced performance costs, better reliability and more.”
Bryan Franks, founder and president of ACT Appraisal, offered his insight on the implementation.
“ACT recognized the potential of AQPM to transform the appraiser selection process, and how significant that is for our clients because the appraiser is the most important factor in the quality of an appraisal,” Franks said. “We have always promised our clients that we would help optimize their performance, save time, reduce costs, and keep them compliant, so it was an easy decision to implement AppraisalQPM.”
ACT and its clients will realize significant performance and quality benefits from implementing AQPM, including:
•Data-driven analysis to identify, select and manage AMCs based on their quality and performance.
• The generation of real-time quality and performance analytics, derived from its own data, to enhance the customer experience and receive more orders from customers.
•Shorter turn times and reduced performance costs while at the same time increased appraisal quality, reliability and AQPM scores.
•Establishes the AQPM Score as a standard for comparing AMCs and appraisers by zip code, mortgage type and property type.
•Replacing subjectivity in AMC and appraisal selection with a transparent, objective process based on quality and performance data.
In addition, AQPM provides transparency, insight and controls that lenders use to reduce risk and maintain regulatory compliance. For example, lenders are required to monitor their third-party vendors, including AMCs and appraisers, the release said.
“AQPM ensures lenders can manage the quality and monitor the performance of the service providers they work with,” Cutillo said. “AQPM was designed to address and that can reduce financial, operational, compliance and reputation risk.”