Minimize Appraisal Expenses to Support Nationwide Expansion

Client Need

In response to declining refinance activity, an appraisal firm servicing the mortgage lending industry sought to reduce expenses by collaborating with a single source supplier of property information including property and ownership reports and maps. With a vision of nationwide expansion, the organization required a partner that offered a bundled solution with flexible contract terms and technical support.

Solution

First American CoreLogic provided the client with RealQuest®, a Web-based service that gives them instant access to property profile data and document images via simple property or owner searches. The ability to plot subject property and sales comparables on street and aerial maps within RealQuest.com has streamlined and automated the appraisers’ review process. The administrative controls also allowed the firm to monitor access into the system, which helps control costs. After receiving training and using the system, the client added other RealQuest features, including foreclosure activity reports and Vector, a decision management function that allows them to automate its business rules for AVM use.

Results

RealQuest.com helped them improve its service levels and enabled them to shave expenses in preparation for nationwide expansion.