Premier mortgage banking resource shortens appraisal process through advanced order management
WEST PALM BEACH, Fla., Aug. 16, 2017 – KeyStoneB2B, the fintech solution that delivers competitive advantages for financial services leaders, today announced a new product for residential appraisals and commercial valuations that will speed the mortgage lending process. KeyStoneB2B offers a network of prequalified appraisers or integrates the lenders’ preferred appraisal service providers or appraisal management company (AMC) into the system. The new appraisal product streamlines mortgage servicing to complete transactions faster and more efficiently.
“The new appraisal product provides reports for all types of residential and commercial properties, including single family, multifamily, real estate owned, even catastrophic disaster area property inspection reports,” said James V. Luisi, chief information officer and chief technology officer for KeyStoneB2B. “Some appraisals can take as long as 60 to 70 days. We know that if a loan process stagnates, lenders can lose opportunities. Our appraisal solution automates and quickens this important element down to 10 or 15 days and assists in succesfully closing more loans.”
KeyStoneB2B’s appraisal product addresses the full range of reports required for mortgages, government-sponsored enterprise loans, state and local loan programs, payment assistance programs, government-backed and conventional loans. Location maps, photos, floor sketches, comparable property information, inspection reports and more can be quickly accessed within the KeyStoneB2B system. With all documentation in one easily searchable database, communications between lenders, banks, credit unions, realtors and financial services providers are simplified, facilitating transactions.
When the borrower initiates payment for the appraisal, KeyStoneB2B will schedule the appraisal at the same time, minimizing steps in the process. In addition, the system tracks all compliance needs for the appraisal that the lender requires and organizes the guidelines and information for the AMC. If updates are required for insurance or other forms, the AMC will be notified.
“The KeyStoneB2B solution includes dashboard and customized reporting allowing lenders to determine which appraisers, AMCs and financial service providers are meeting their guidelines,” said Morell Maison, sales, marketing and digital strategist for KeyStoneB2B. “With our network of prequalified financial service providers, we can recommend another appraiser or AMC if the original provider is not meeting requirements. We go the extra mile when it comes to customer service, internet security, system redundancy, disaster recovery and IT support.”
The comprehensive list of appraisal reports include, 1004 Investment 1004 and 1007, 1004 Investment 1004 and 1007 216, 1004-05 Residential Appr Rpt, 1004C-05 Manuf Home Appr Rpt 1004D-05 Cert of Completion-Final Insp, 1025 Multi Family 1025 And 2016, 1025-05 Small Res Income Appr Rpt, 1073 Investment 1073 And 1007, 1073 Investment 1073 and 1007 And 216, 1073-05 Indiv Condo Unit Appr Rpt, 1075 Investment 1075 And 1007, 1075 Investment 1075 And 1007 216, 2000-05 1 Unit Res Appr Field Review, 2000A-05 2 to 4 Unit Res Appr, 2055-05 Ext Only Resident Appr Rpt, 216 And 1007 Combined 216 And 1007, Condition and Marketability – Ext 2070.