PCV Murcor’s ValuationsDirect platform makes it easier for mortgage brokers and correspondents to not only pay for a borrower’s appraisal, but track the status of a report.
Brokers and correspondents usually place anywhere from 10 to 15 appraisal orders a month on behalf of their clients, but the Pomona, Calif.-based valuation providers old process was cumbersome because it required a contract to be completed first, then the client had to be signed up, and lastly the user was given log in information to access the system in order to file an appraisal order. All of this was done one at a time.
Now with ValuationsDirect, all of these steps will be reduced and in one place once a user becomes a member of the portal. Therefore, the company will be able to reach a lot more brokers, said Cindy Nasser, vice president of operations at PCV Murcor.
“Brokers and correspondents are all about being efficient getting their report completed quickly and removing any barriers that might get in the way,” Nasser told to National Mortgage News in an interview. “The solution to that was to develop a retail site where any broker or correspondent can login, place an order and have the same quality and turnaround time that they’ve experienced with the larger lender relationships that they have.”
The web-based solution offers users with credible reports prepared by appraisers that are familiar with the markets they are working in, as well as quality reviews from the appraisers before the report is delivered.
Any appraiser that is part of the PCV Murcor network needs to have a minimum of five years of licensed experience in the field, Nasser said.
The platform also provides a user with a single point of contact to monitor the status of their appraisal order, which Nasser believes none of PCV’s competitors currently offers. Another feature ValuationsDirect delivers is real-time email status updates.
“As an AMC, we’re a partner with the brokers and want to be part of the solution,” Nasser told NMN. “We understand that there’s a sense of urgency to have the loan close and the appraisal is a big part of that.”
ValuationsDirect was created to comply with all of the industry regulations that are set to take effect in January 2014, Nasser says. Additionally, all ValuationsDirect orders are delivered in a UCDP compliant, XML-ready file through a secure, web-based portal.
Keith Murray, president and CEO of PCV Murcor, says the same process that supports the ValuationsDirect platform has consistently delivered the lowest revision and appeal rates in the industry.
“We’ve heard of AMCs that have revision rates of over 40%, but our clients are seeing just a fraction of that,” Murray says. “We believe it speaks volumes about the level of quality and service that is built into our processes.”
PCV Murcor is officially launching ValuationsDirect at the Mortgage Bankers Association’s annual conference in Washington.