*Lender Turns To Tech To Save Money And Keep Compliant*
**Automating Appraisal Orders**
***Saving money and ensuring compliance is the name of the game. As a result, more lenders are turning to technology. For example, Kentucky Federal Credit Union, a not-for-profit financial cooperative with five branches in and near Lexington, Kentucky, has implemented the Platinum Data AOS appraisal ordering system and RealView appraisal quality verification technology. University of Kentucky Federal Credit Union implemented these technologies as part of its program to cost-effectively increase quality and compliance in its appraisal processes.
****Platinum Data’s AOS platform is a central hub for sending and receiving appraisals and communicating with appraisers. It allows lenders to select and manage their own appraisal panels, prevents unauthorized lender personnel from violating Dodd-Frank communication guidelines regarding appraisers, and provides audit-quality tracking and reporting. RealView, an appraisal data verification technology, cross-checks each field on an appraisal report against public and private data sources, offering the most comprehensive, consistent and accurate appraisal evaluations available. Both systems empower users to complete tasks in the fastest and most streamlined, efficient and compliant manner possible.
****The University of Kentucky Federal Credit Union had been using manual processes to assign and review appraisals. This process exposed the credit union to unnecessary risks associated with inconsistency and human error.
****“Compliance is the first objective because if you’re not compliant, you’re putting everything at risk,” said Gretchen Conner, loan operations supervisor with University of Kentucky Federal Credit Union. “Processors aren’t experts with appraisals and all humans make mistakes. With the recent compliance changes and the potential for audit reviews centered around appraisals, we wanted to make sure we were as compliant as possible. We wanted to eliminate the possibility of human error but we were also hugely conscious about keeping costs down for our members.”
****According to Conner, AOS allows the credit union to assign appraisals to appraisers with 100% objectivity, and RealView enables the organization to identify appraisal issues that they’d never be able to identify with manual processes.
****“As a member-based organization, cost was a major issue for us,” said Conner. “We got a bundled solution that was so reasonable. Now we know we’re compliant and we can maintain relationships with appraisers who have served our members well. We can keep costs low for our members and support appraisers by paying them directly, so they don’t have to split their fees with a third party service.”
****“When it comes to appraisals, companies like University of Kentucky Federal Credit Union have learned that they don’t have to sacrifice cost or service in order to get quality and compliance,” concluded Phil Huff, CEO of Platinum Data.