In a recent press release, First American Mortgage Solutions LLC [1]reported its first field results on what it calls a “smart” valuation offering. After months of testing, early metrics demonstrate a 16 to 20 percent reduction in appraisal turn times. The quality and ongoing turn time reduction is expected to continue according to First American. The valuation offering is intended to integrate big data, mobile technology, and re-configure an appraisal process that is historically known to be manual and labor-intensive.
“Moving from loan application to close faster is a long-awaited evolution being fueled by access to better data and technology, which allows us to rethink traditional workflows and processes,” said Kevin Wall, president of First American Mortgage Solutions. “This has been a major aspiration for us, along with the entire mortgage industry, and we’re excited to be at the forefront of game-changing progress.”
First American has developed a collaborative process thanks to data and analytics connecting a mobile workforce with cloud-based technology. According to investor comments made to Wall previously, speeding up the appraisal process can help improve efficiencies and possibly reduce some fixed costs, mainly in large housing markets where appraiser turnaround time can be months.
First American uses its proprietary software and nationwide reference data to help appraiser selection and optimization. Using it’s ACI Sky technology, First American intends to move the back-end control process to in-line quality assurance.
“Smarter valuations are achievable because of the incredible assets amassed by First American, specifically data, technology and industry expertise. We are continuing to invest in every area of the mortgage continuum where we see an opportunity to lever our assets to improve quality and consumer experience. We have the ability to transform weeks into days, while empowering appraisers to best utilize their talents and skills,” added Wall.
To see the full release, click here [2].