*Streamlining The Appraisal Process Further*
**By Tony Garritano**
***As the old saying goes: There are many ways to skin a cat. The same goes for streamlining appraisals. For example, InHouse, a provider of appraisal technology for banks, lenders, credit unions and other mortgage originators, announces it has introduced the PayPrompt appraiser payment service for its appraisal management platform, InHouse Connexions. Using PayPrompt, lenders can have all of the commerce-related aspects of the appraisal automatically handled for them by InHouse Connexions, including payments from borrowers and disbursements to appraisers. Full reporting on accounts is provided, along with PCI (Payment Card Industry) compliance and complete security.
****InHouse has been piloting PayPrompt with several of its Connexions platform clients over the last six months and the new service is now fully functional and available to all Connexions users. PayPrompt includes an email link for borrowers, IRS Form 1099 preparation for each appraiser, and other features designed to take the burden of handling payments in the appraisal process off the plates of busy lenders.
****“The introduction of PayPrompt is coming at a great time,” says Jennifer Creech, CEO of InHouse Inc. “Lenders are very busy with refinances and other transactions in this low rate environment. The last thing they need is the time-consuming responsibility of handling payments from borrowers and compensation to appraisers,” she explains.
****Project/Vendor Manager Katrina Davis of Jacksonville-based Florida Capital Bank Mortgage was among the early adopters of the technology. “We switched to PayPrompt so that we could collect payments up front from our borrowers and brokers via credit card in a secure way,” she says. “We enjoy the benefits of having our appraisers paid in a timely fashion and with a minimum of effort on our part. PayPrompt has proven itself to be highly effective and very efficient.”
****PayPrompt is accessed as a menu option within the InHouse Connexions environment and does not require additional screens or software for use. “It is easy for lenders to lose track of how much time is actually spent in the handling of payment processing,” Creech says. “It can take hours to process a week’s worth of transactions and make certain all the details and accounting aspects are taken care of properly. With all the reporting and payments handled for them, lenders are now able to focus on getting loans closed instead of administrative functions that are vital but time-intensive,” she notes. “That’s what great lending technology does – it enhances efficiency and helps our clients improve the quality of the all-important borrower experience.”
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 firstname.lastname@example.org.