Appraisers see the electronic light
March 17, 2004
New lender technology interfaces with appraisal ordering
Appraisal software provider a la mode Inc. today debuted its new technology, Mortgage Xsites, which enables mortgage brokers, loan officers and other lender representatives to set up and maintain Web sites geared toward getting business from home buyers and borrowers looking to refinance their home loans.
Mortgage XSites allows users to seamlessly interface with eligible appraisers. Appraisers can import appraisal order details, complete assignments and deliver complete electronic appraisal reports.
A la mode conducted an online survey of more than 1,250 appraisers and found that appraisers have overwhelmingly embraced electronic ordering, status updating and delivery of reports. However, the company found that relatively few of appraisers' clients were able to join them in electronic ordering.
Ninety-eight percent of a la mode customers responding to the survey reported being able to receive electronic orders and transmit electronic reports. But half of the appraiser respondents revealed that fewer than 35 percent of their orders come in via e-mail or other electronic method today.
Half of appraisers polled reported that 95 percent or more of their appraisals today are sent electronically. Still, nearly 12 percent of appraiser respondents reporting being able to produce electronic reports said that half or more of the reports they transmit to clients are hardcopies.
Although many appraisers receive electronic reports, they still fax orders. More than 40 percent of respondents capable of receiving orders electronically said that 80 percent or more of their orders are not electronic in origin, and need to be manually keyed into their form-filling software.
"The results clearly show that appraisers are capable of delivering faster, more reliable appraisals. But too many of their clients can't or won't do business with them in the most efficient way," Scott Kinnaird, VP of business development with a la mode, said.
Copyright: Inman News Features