MReport November 2017

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20 | TH E M R EP O RT FEATURE using highly qualified, experi- enced appraisers with geograph- ic competency, your production staff will be grateful and deals are more likely to close without unnecessary hassle. • • Order•acceptance•rates:•In com- petitive markets, the process of assigning orders to the best appraiser for the job can take days or even weeks. If you monitor your vendors' order acceptance rates, you can offer assignments to the appraisers most likely to accept them, instead of wasting time with appraisers that don't usually accept jobs quickly. Finding an appraiser for your assignments will be much more efficient and you won't waste time reassign- ing time-sensitive reports. • • Average•turn•times:•Monitor each of your vendors' average turn times, as well as the average turn times for the area of your subject property. With this data, you can set appropriate deadlines for appraisers and you can communicate realistic closing dates to avoid disap- pointing your borrowers and your production staff. • • On-time•rates:•Your appraisal vendors will have a deadline for each assignment, but you should track their on-time rates, too. Things happen and reports are sometimes delayed. If you have data and analytics around each vendor's on-time rates, you can assign orders to ideal candidates and minimize your risk of closing delays and frustration. • • Rework•rates:•For each of your vendors, track rework rates. Rework describes the percent- age of overall assignments that need to be sent back to the appraiser for revisions. For vendors with high rework rates, you can expect to add a few days to the overall turn time on the completed report, plus increase administrative burden on your staff requesting the revisions and checking them. Vendors with low rework rates should be preferred for your assignments. • • Revision•request•cycles:•Appraisal revision cycles are notoriously time-consuming and expensive, but lenders can significantly re - duce these hassles by measuring and monitoring the quality of a vendor's previous work and the speed with which they return revised reports. Measure the time your staff takes in com- municating revisions, as well as the time it takes for your vendor to return the revisions. • • Appraiser•capacity:•Some appraisal management software platforms will give you insight on a par - ticular vendor's capacity so you can automatically assign reports to appraisers with availability. Again, this dramatically lessens your assignment burdens and the extra days it can take to find the right vendor to accept your order. A robust data and analytics approach to appraisal operations will significantly improve your overall operations and your com - petitive standing. Use your ap- praisal operations data to improve your own efficiency and identify opportunities before other lenders have time to take action. Instead of the traditional bottleneck, your appraisal process can become a strategic advantage. JENNIFER MILLER is• President•at•Mercury• Network,•LLC,•a•CoreLogic• company.•Nearly•1,000• lenders•and•AMCs•use•Mercury•Network• to•power•appraisal•operations.•Instead•of• relying•on•surveys,•you•can•get•actual• appraisal•fees•nationwide•delivered•to•your• inbox•through•a•monthly•subscription.•For• more•info,•visit• feeanalytics.. "According to industry surveys, lenders are quoting inaccurate fees on 11 percent of loan estimates, with an average cost of $105 per incident. Current, accurate appraisal fee data is one solution to avoid these unnecessary expenses." 20 U.S. counties* with highest appraisal turn times COUNTY, STATE MEDIAN TURNTIME Gallatin, MT 24.2 Cowlitz, WA 23.1 Yellowstone, MT 21.1 Pennington, SD 20.5 Marion, OR 19.4 Fremont, CO 19.2 Lamoille, VT 19.1 Summit, CO 17.8 Lincoln, SD 17.3 Oneida, WI 17.0 COUNTY, STATE MEDIAN TURNTIME Franklin, VT 16.8 Chittenden, VT 16.2 Laramie, WY 16.1 Routt, CO 16.0 Lewis And Clark, MT 15.8 Eagle, CO 15.3 Thurston, WA 15.3 Bonner, ID 15.0 Fairbanks North Star, AK 14.9 Deschutes, OR 14.9 20 U.S. counties* with highest appraisal fees COUNTY, STATE MEDIAN FEE Kenai Peninsula, AK $765 Kitsap, WA $763 Anchorage, AK $750 Matanuska Susitna, AK $750 Eagle, CO $750 Summit, CO $750 Cowlitz, WA $750 Fairbanks North Star, AK $750 Gallatin, MT $700 San Francisco, CA $665 COUNTY, STATE MEDIAN FEE Park, CO $665 Marion, OR $660 El Paso, CO $650 King, WA $650 Boulder, CO $650 Pierce, WA $650 Midland, TX $650 Ector, TX $650 Washington, OR $650 Clackamas, OR $650 * This data is from counties with more than 50 appraisal transactions from July of '17 through September '17.

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