Quandis’ valuation system is completely Web-based and enables outsourcers such as BAM to manage the placement, receipt, distribution, processing and automatic delivery of broker price opinion orders in one automated platform.
Approved agents are given secure logins to gain access to the portal where they can receive order requests, submit BPOs through a standardized form and check the status of their report. Since BAM brokers and appraisers can now conduct their valuations directly through this online platform, it eliminates the need for them to have their own software and eradicate errors that could occur during email delivery.
Meanwhile, staff at the Little Rock, Ark.-based asset management company can use the application to automate their BPO workflow, complete scheduled tasks, and accurately review, audit and fulfill orders for their clients.
“Quandis’ solution gives us complete control over our BPO process and provides us with visibility over agents working with us in the field, which has resulted in our ability to quickly, efficiently and cost effectively deliver accurate, well-documented BPOs to our clients that helps eliminate risk,” said Richard Johnston, senior vice president at Bankers Asset Management.
Johnston added that another important highlight of Quandis’ product is its standardized BPO form that automatically maps subject property as well as the comparable sales and listings. The system handles any file size and unlimited photo storage, the Foothill Ranch, Calif.-based default management mortgage technology solutions provider said.
“It plainly lays out information and also helps establish much needed checks and balances that all necessary steps were correctly taken and values are accurate,” Johnston stated.
Some other key features the valuation system offers is a centralized database that will allow BAM to track every aspect of the vendor’s profile, including the contact information, coverage area, fee schedules, W-9, license, insurance, and overall ranking. Additionally, vendor management of the agent is easier via scorecard tracking of performance, document upload is streamlined, and license expiration is monitored.
Furthermore, auto assignment has been structured into the system to disperse orders based on an agent’s score, location to property, allowable volumes and client preferences. The system features geo coding that assists the agent in tracking their location to the subject property and the comparables.
Also key to the valuation system is that it is seamlessly integrated with BAM’s back-office REO processing application, thus eliminating the need to rekey data and facilitating better communications between staff and agents.
“This system-to-system integration is one of the best I’ve ever seen in all my years working in the REO space,” Johnston said. “We were extremely impressed with Quandis’ ability to accomplish such a tight bi-directional integration; and, they were able to take us live in under 40 days.”