AMC gives lenders the reins on appraisals by licensing out its tech
Appraisal management company Appraisal Logistics is letting mortgage lenders take the lead by licensing out its in-house technology platform, AIMPort.
The move will allow lenders to more easily manage their own appraisal panels instead of leaning on the AMC, but it comes at a time when the mortgage market is making digital strides and looking to streamline this very manual piece of the process.
"The possibilities are virtually limitless," Dennis Ashcroft, ALS vice president of sales, said in a press release. "Whether your interest is to farm out the cost/risk to a third-party vendor or manage the process internally through a state-of-the-art-technology, we can analyze your existing process and provide a cost-effective solution that meets/exceeds all government and interagency guidelines."
The offering will also help lenders manage their costs, which have been particularly top of mind as activity remains relatively low.
"Not every lender wants to outsource its appraisal management to an AMC. If they do work with an AMC, they may still want to manage some appraisals or evaluations internally," said ALS CEO Frank Danna.
"Most lenders need some support when lending outside of their footprint, but the process has to be very efficient to keep costs low. Finding the right mix is the key to reducing the lender's overall costs in the appraisal department. Our software makes that easy," Danna said.
AIMPort facilitates appraisals between management and operations teams, technical tools and vendor partners in a central location, and allows lenders to track orders and bids in real time. Some functionalities of the platform include automated tracking of expired appraisal licenses, broadcasting emails and flagging orders for future follow up.
This move also comes amidst an industry in transition. Younger appraisers are harder to find, and the market as a whole has been slower to embrace new tech initiatives.
AIMPort supports data collection for both commercial and residential properties. ALS has been operating the platform countrywide since 2011.