AppraisalVision, the mortgage industry’s first on-demand platform for home appraisals, announced an agreement today with ACI, a leading solutions provider in the valuation industry for nearly 40 years. AppraisalVision also announced the availability of SMARTReview, a next generation appraisal quality control and review platform for lenders, appraisal management companies (AMCs) and appraisers.
Read More: Mazooma Partners with Plaid for igaming and Sports wagering Payments
SMARTReview is a risk-based appraisal quality control (QC) and review platform, that allows a lender to extend, standardize and automate their appraisal QC and review process across all of their AMCs and appraisers. Built on top of ACI’s Sky® API and PAR® Logic compliance library, SMARTReview provides a single platform for all participants to collaboratively review and approve the appraisal report, resulting in improved efficiency and quality.
“We have seen an 80% reduction in underwriting revisions when an AMC utilizes SMARTReview, prior to delivery of the appraisal report to the lender,” said Jim Cutillo, Founder and CEO of AppraisalVision. “If a lender is utilizing multiple AMCs and appraisers, SMARTReview is a game changer and makes existing appraisal review processes and tools obsolete.”
Read More: GlobalFintechSeries Interview with Derek Boirun, CEO and Founder at Realio
SMARTReview is currently in production with several national lenders, AMCs and appraisers. The platform is integrated with UCDP/EAD and Fannie Mae’s appraisal API, allowing lenders to incorporate risk-based findings into the appraisal QC and review process. MLS and public record data can also be incorporated to validate order and appraisal report data.
“We’re excited to work with AppraisalVision. They have created an innovative QC platform that leverages our Sky API to drive the PAR Logic compliance through the SMARTReview workflow.” said George Opelka, General Manager at ACI. “The end result empowers all stakeholders along the way to improve both productivity and appraisal quality.”
Read More: What’s Coming With Europe’s “Historic” Crypto Regulations?
