Seeking Out New Technology

*Seeking Out Good Technology*
**By Tony Garritano**

TonyG***I always like to share lender success stories. It’s important to know how lenders are using technology because it shows us all the power of automating and encourages future automation, which I think is a good thing. In this case, Citizen’s Equity First Credit Union (CEFCU) has implemented Veros’ valuation management platform, Sapphire. Here’s why:

****CEFCU sought out a comprehensive residential valuation platform that would assist their team in automating their fully manual appraisal management process. “Sapphire has made an inefficient part of our business very efficient, and has provided my staff with the ability to more easily track the progress of our appraisal orders,” says CEFCU’s First Mortgage Operations Manager Sara Blackburn.

****Sapphire is a web-based platform for complete collateral valuation management, offering numerous options that deliver Sapphire’s signature “structured flexibility” so lenders can configure the system to their organization’s needs. The core platform includes comprehensive order, review, and reporting functions, which are delivered in a seamless and user-friendly interface. Citizen’s Equity First Credit Union and many other lenders have been struggling with labor-intensive appraisal management processes for years, and taking the complexity out of the equation was a Veros priority.

****“Our goal in creating Sapphire was to deliver the most complete experience while doing away with the complex interfaces that require significant training or lengthy customization cycles,” reports David Rasmussen, Veros’ senior vice president of operations. “What lenders can learn from CEFCU’s experience is that automating their valuation process does not have to be as difficult as they might expect.”

****Rasmussen notes that Sapphire has quickly enabled CEFCU to automate the process from appraisal order to GSE submission via the Uniform Collateral Data Portal (UCDP). He also points out that the technology has helped lenders of all sizes realize significant savings through features that eliminate duplicate orders and other typical manual errors.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.