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3 MORE Things Lenders and Appraisers Need to Know About Platform Integration

Last month we released a blog post, 3 Things Lenders and Appraisers Need to Know About Platform Integration, which outlined three critical points we want the Commercial Real Estate Due Diligence community to know about Platform Integration.

 

In response to our previous post, here are three MORE things we want lenders and appraisers to know about Platform Integration...

 

1. Platform Integration can save RIMS lenders between 30 and 45 minutes per appraisal review.

 

How? Platform Integration completely eliminates the need for manual entry of appraisal data back into the appraisal report for lenders. As a lender, think of what usually happens when you receive an appraisal report from a commercial appraiser. You must manually re-enter all that subject property information, right? That is valuable time spent on data entry that could be focused on other tasks.

 

With Platform Integration, a RIMS lender working with a Narrative1 commercial appraiser will simply download the completed appraisal report with all required information pre-populated and review it for accuracy instead of re-entering any data.  This is time savings that contributes directly to the bottom line.

 

If you’re a lender, think of the number of appraisals that go through your bank every month and how much 30 minutes saved per appraisal review would mean for your business? Imagine never having to re-key appraisal data.

 

2. Platform Integration DOES NOT replace the commercial appraiser.

 

We have heard in recent months that appraisers are concerned with technology turning them into “robots.” Similarly, lenders are concerned with technology turning the vendors and commercial appraisals they work with into “robots.” Technology on its own cannot do the work an appraiser does. The machinery and software can do some of the heavy lifting, but it cannot replace the nuance and experience than an appraiser brings to the process.

 

It is important to understand that what software innovation like Platform Integration does is augment the appraisal process to make the everyday life of all parties in the CRE due diligence process easier, faster, more precise, more detailed and in the end, more compliant.

 

We understand that speed-to-market is more critical than ever and lenders and appraisers are under mounting pressure to bring in more business and close deals faster. Platform Integration helps commercial appraisers and lenders become more efficient allowing them to focus more time on what matters rather than wasting hours manually entering data.

 

Commercial appraising is a knowledge and data intensive profession. The adoption of technology can help to leverage that expertise and go a long away in moving the industry forward. It is crucial that instead of dismissing technology we embrace it.

 

The greatest short-term gains for our industry will come from software adoption. According to a recent survey by AppraisalPort, 75% of appraisers work 9 to 13+ hours days! A simple adoption of current technology will go a long way to relieve some of the pressures placed on commercial appraisers.

 

3. Platform Integration captures subject property data ONLY.

 

The integration between RIMS, RIMSCentral and Narrative1 captures ONLY subject property data from the appraisal report. Subject property data is already being exchanged between lender and appraiser during the commercial appraisal process, but in a manual fashion. What Platform Integration does is automate certain steps to make the process more efficient and accurate for both parties.

 

Three important takeaways from this post...

 

1. Platform Integration can save RIMS lenders up to 45 minutes per appraisal review. 

 

2. Platform Integration DOES NOT replace the commercial appraiser. 

 

3. Platform Integration captures subject property data ONLY

 

We developed Platform Integration because our customers (on both the lending and appraising side) are collaborating daily and making their workflows more efficient is very important to us. Platform Integration is a simple and efficient initiative that addresses a very real need in a complex and competitive market.

 

To learn more, request a demo on our website or contact our office to speak with a Sales Executive or your Account Manager.

 

 

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