If you talk to any chief appraiser or appraisal manager, you hear pretty much the same words. “I’m swamped.” They’re not saying, “I’m pretty busy” or “I have a pretty heavy workload.” Their metaphoric description of their workload tells a deeper story. The story might include a spike in appraisal volume, understaffed appraisal department or lack of effective technology. They’re hungry. Maybe not for Chinese steamed and fried buns, but they’re hungry for tools. Hungry for an appraisal and environmental workflow that works the way they do.
Not complaining, just need help
The first question to ask might be, why are so many valuation professionals in appraisal and credit departments overwhelmed? It’s not like they don’t put in the hours. Plus, those working remotely save lots of commute time. They try to be productive with the tools that were given to them.
In additional, to their day-to-day pipeline, there are lots of distractions. A lender might want to know the status of an appraisal. An auditor wants some documentation for their review. A regulator wants to know how many hospitality and restaurant loans your bank has done in the last year. Upper management might ask why the current appraised value dropped so much since the last appraisal.
The problem is bottlenecks. Work in progress at various stages bump up against walls. The appraisal process being halted due to things beyond your control. The appraiser missed their due date. The reviewer didn’t get the email and hasn’t started the review. Somebody forgot to order the Phase I environmental.
Technology sounds like a complicated process to get implemented at your bank. But it’s really not that hard. Onboarding is a process specifically designed to ease any impact to your department. We can onboard a bank typically in less than 30 days. Configured specifically for your department including your engagement letters, complete vendor set up, custom platform notification and appraiser grading. An appraisal and environmental workflow platform created by valuation experts can result in empowerment. Create a “new normal” for your risk and valuation groups.
Get what you need
What good is technology if you can’t leverage it? How can you turn “I’m swamped” to “I’m in control.” If you need specific reports for upper management, then you should have it. If you need a system that provides real-time notifications, then go get it. If communication tracking allows you to know what’s happening on every loan, then you deserve it.
“What you were taught 10-20 years ago is fast becoming obsolete. Upskill yourself and recreate your world.”Nicky Verd
How’s your current relationship with your appraisal and environmental workflow provider? Are you getting EVERYTHING you want? Do you need counseling? Are you on the rocks? Is there a lack of communication? Does your current appraisal workflow provider make life a lot easier for you? If not, consider starting a new relationship.
A workflow system needs to integrate with your staff. Appraisal departments in different banks don’t all operate the exact same way. They perform similar functions but how people work, especially with a distributed workforce, one size does not fit all.
Buy back your time
An appraisal and environmental workflow platform can buy back your time. Provide it for your department. It will make your life better, a lot better. You’ll stop hearing, “I’m swamped.” No longer keep experiencing a week of Mondays. Pull up a chair and have yourself a yummy meal of YouConnect. Take the stress off your shoulders. Enjoy the feast. Upskill yourself.