Managing property valuations with outdated or inaccurate information can lead to significant challenges, even when discrepancies are minor. However, ensuring that each appraisal is both accurate and tailored to the specific needs of a transaction can greatly enhance the efficiency and reliability of the valuation process.

Customization is not just a convenience; it's a strategy for improving the quality and reliability of appraisals. By refining how appraisals are handled, you can ensure that the most suitable professional is selected for each case, leading to more precise valuations and better-informed decisions

The Impact of Customization in Appraisals

Appraisal assignment customization involves matching appraisers to specific criteria that reflect the unique needs of each transaction. Here’s how we help our clients improve appraisal quality through tailored assignments:

Coverage Area: Selecting appraisers with deep knowledge of the local market to ensure accurate property assessments.

Active License and E & O Insurance: Ensuring compliance with licensing and insurance requirements to maintain standards.

Distance from Subject Property: Assigning local appraisers who understand the nuances of the area, leading to more precise valuations.

Availability: Choosing appraisers who can start the job immediately, minimizing delays.

Allowed Property Types, Loan Types, Products, and Transaction Types: Matching assignments with appraisers who specialize in the relevant property type or loan structure.

Pricing: Maintaining cost efficiency while ensuring high-quality appraisals.

Exclusionary Lists: Automatically excluding vendors who don’t meet your standards, ensuring only the best candidates are considered.

These criteria ensure that each appraisal assignment is handled by the most qualified professional, tailored specifically to the needs of the property and transaction.

Flexible Assignment Options

Customization also extends to how appraisers are selected from the eligible pool. Various assignment methods can be used to optimize the process:

Weighted Assignments: This method balances assignments based on historical data, ensuring fair distribution while giving preference to those with fewer recent assignments. Adjusting the weight field for each vendor can further refine this balance, offering greater control over who receives assignments.

Random Assignments: When all appraisers in the pool are equally qualified, a random selection ensures fairness while still considering key criteria like geographic location. This approach helps prevent any single appraiser from becoming overwhelmed or overlooked.

Round Robin Assignments: This method cycles through the vendor pool in a set order, ensuring equal opportunities for each appraiser. Geopoints are considered to ensure that the selected appraiser has the right experience and location for the assignment. If a vendor is skipped, they must wait until the next round, maintaining a fair and orderly rotation.

Elevate Your Appraisal Process with Customization

With Connexions’ comprehensive assignment criteria and flexible options, lenders and AMCs can guarantee that each appraisal is handled by the most qualified professional, resulting in higher-quality appraisals and better outcomes for all parties involved.