Could your appraisal process be better?

 

Are there ways that you can streamline your loan appraisal process to be more efficient? Does the necessary paperwork make you cringe? If you answered yes to either of the previous questions, you’re in luck. Today we’re discussing how to turn your appraisal process into a well-oiled residential and commercial appraisal processing machine.

SPOT WHEN YOUR STAFF IS STRETCHED TOO THIN.

There is a dance to determining how and when your team’s workload has reached its breaking point. With the right tools, you can ensure your department is running quicker and more efficient. To do so, we recommend reviewing the six signs that often indicate an overworked team. Through these signs, you’ll be able to decide if you’re ready for an appraisal management company to help with your appraisal tasks, and you’ll be on your way to a stronger team.

IMPROVE YOUR TURN TIMES AND FEES.

Review our Benchmark Report to compare your turn times to other top financial institutions in the industry. Then use industry averages to determine where you stand in the market and see how you can improve. Understanding your turn times (and the turn times of others) can help you make vast improvements in your appraisal process as well as your fees. Benchmarking provides you with a sturdy foundation and helps you remain competitive.

MANAGE YOUR PANEL…AND MANAGE IT WELL.

Whether you’re improving appraiser paperwork management or staying up-to-date on licensing, managing your appraiser panel is a huge part of improving your appraisal process. Regularly check your internal appraiser list against the one released by the ASC. Consider implementing a procurement team to fine-tune procedures like assigning the best appraisers the most difficult appraisals. Deduce if your appraisal supply matches your demand. For example, if you regularly have more commercial property appraisals than residential appraisals, you might need to stack your team with appraisers who specialize in commercial real estate appraisals.

Today’s lesson: there’s no time like the present to improve your appraisal process.

As you review your appraisal process, let us know if you have any questions about how to improve specific areas. We’re here to help.