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Enabling a Mortgage Valuation Company Meet Appraisal Service Deadline

Customer:

Our client is a fast growing valuation company offering nationwide valuation services in both commercial and residential sectors.

Challenges:

The customer had hired a service provider for checking the quality of appraisals. The provider had in turn assigned the task to individual appraisers across the country who botched up the task and left it in complete mess. As the turnaround time was nearing, the client turned to us for checking the work for quality and completeness. We took up the task in full knowledge of the following challenges:

  • Maintaining report accuracy
  • Meeting strict deadlines
  • Handling three times the volume of work
  • Meeting lender/broker specific guidelines
  • Ensuring resource adequacy

Solution Provided:

The EMA team started working after a walkthrough of their current process over a couple of go-to-meeting sessions. Based on the inputs, we created customer specific guidelines along with generic instructions for reviewing the appraisals. Some of the steps we took to improve the quality and turnaround of the appraisal review and delivery are:

  • Have a dedicated team of appraisal reviewers across multiple shifts to review and deliver reports to the lenders to ensure faster turnaround.
  • Dedicated specific individuals for larger clients
  • Hire and train resources in the shortest possible time
  • Random check on reviews and delivery by a separate QC team to ensure all guidelines and customer specific instructions were being followed

Results:

With our help the client was able to meet deadlines sharply, without compromising on the quality of work. This helped them retain the hard-earned trust of their client. Our client was so impressed with our performance that they outsourced 80% of their total mortgage processing work to us. Today, by leveraging our services our client has been able to ensure the following:

  • Turnaround time reduced from 24 hours to less than 2 hours
  • Drastic fall in lender revision request
  • Operations cost reduced by 40%
  • Additional business from existing clients increased by 25%
  • Ability to scale and take on new customers
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