Appraisal technology vendor ExactBid in San Jose, Calif., has completed the rollout of an application program interface linking its commercial mortgage lender workflow management technology with its appraiser reporting automation.
"What we're really trying to do is take out manual entry," said ExactBid CEO Matt Cotter.
Banks that request to use the new API in conjunction with the technology they use to handle appraisal workflow in CRE purchases that they finance will need less than a half hour for setup time. Appraisers that request the API should allow for a template setup time lasting one or two hours, Cotter said.
ExactBid drew on user experience and general commercial-mortgage industry agreements on terms and definitions in determining the data points that the technology prepopulates as it transitions between the two systems, said Cotter.
The company had been testing the integration between the Real Estate Information Management System known as RIMS and the Narrative1 software used by appraisers with a small group of users prior to its broader rollout. ExactBid acquired Narrative1 in 2015.