Mortgage technology provider SharperLending announced today that El Paso Area Teacher’s Federal Credit Union (TFCU) has selected its Appraisal Firewall Verisite mobile property inspection solutions as the primary platform for gathering collateral valuation data for its construction, Texas equity lending, and home improvement loan programs. Lending departments at TFCU will use the secure, web and mobile-based Verisite system to order, receive, and run QC in a more efficient manner with the AVM and valuation products necessary for qualifying loan programs, providing faster closings. Verisite will also help to maintain member and appraiser health and safety through social distancing, providing better member service.
TFCU’s lending departments will be able to showcase its loan processing speed by sending property data collection requirements to homeowners, who can securely collect data, then transfer data for validation. TFCU will receive validated property data in a report, including interior and exterior photos and descriptions, then combine it with AVM data, run QC, and achieve substantial loan origination time- and cost-savings.
“Verisite will help us realize tangible gains in processing efficiency on our qualifying loan programs,” said Rick Pustejovsky, VP of Real Estate and Business Lending at TFCU. “The innovation that we get actively helps us get through one of the highest loan volume periods we have ever experienced, and is eliminating speed bumps in the valuation process so we can deliver faster, safer assistance to our members.”
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“We are thrilled to assist TFCU with solutions to help fill gaps in loan origination and processing,” said David Chiappe, President of SharperLending, the company behind the Verisite and Appraisal Firewall platforms. “Many valued clients like TFCU are using the Verisite mobile property inspection and AVM tools to get interior and exterior property data while keeping members, borrowers, and appraisers safe through social distancing.”
Verisite is a sub-product of Appraisal Firewall, the secure, web-based real estate appraisal platform for residential and commercial mortgage lenders to manage their own appraisal process.
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