MReport April 2017

TheMReport — News and strategies for the evolving mortgage marketplace.

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26 | TH E M R EP O RT FEATURE FEATURE Setting Up for Spring Addressing appraisal operations, data, and vendor relationships now can allow lenders to better leverage the upcoming busy season. By Jennifer Miller V olume is consistently higher in the spring, but last year, most in the mortgage lending space saw substantially higher volumes than expected. As a result, appraisal turn times and fees turned into a big problem—and fast. With spring just around the corner, are lenders pre - pared for volume to pick back up again? Were last year's appraisal issues solved? Will appraisal operations be able to scale up to support produc- tion this time around? For lenders already struggling with inefficiencies in finding and work- ing with appraisal vendors, the time is now to troubleshoot so opera- tions are solid and scalable once the busy season hits. To prepare for growth, there are three main parts of appraisal opera- tions that lenders should examine: vendor relationships, operational ef- ficiencies, and data intelligence. Addressing these issues will help lenders avoid the costly pitfalls of inefficient valuation management—like delayed closings, poor quality reports, time-consuming appraiser searches, and ultimately, lost loans. Improving Vendor Relationships W hen lenders are busy, collateral valuation vendor relationships can make or break the operation. To prepare for growth, there are many ways to proactively nurture these relationships and prevent problems when business picks up. Consider these options: • • Know•turn•times. Make sure turn time data is available and that appropri- ate turn times are being set for appraisers. With accurate information, this

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