First-Ever Integration of an Appraiser Software Solution and Lender Appraisal Management Platform
ExactBid is very excited to announce the launch of our latest innovation, Platform Integration, effectively changing the way institutions and appraisers work together to share information. This is the commercial real estate industry’s first integration of this kind and we couldn’t be more excited to get our customers up and running. You can read the press release here.
What is Platform Integration?
In a nutshell, Platform Integration allows the exchange of assignment information between RIMS and N1Web to prevent input errors and save both vendors and lenders significant time.
Some of the country’s largest banks have been early testers and have reported impressive gains and efficiencies, indicating a 30- to 45-minute time savings per appraisal for appraisal review. These time savings allow the teams managing the commercial appraisal process to run more efficiently saving the bank time and money.
But what about the appraiser…
Platform Integration creates a new way for commercial real estate appraisers to grow their business and gain a competitive advantage by providing them a new marketing opportunity to identify themselves as “data set certified” to lenders searching for vendors to do business with. A lender using RIMS will immediately recognize N1Web users and knows that by working with an appraiser who is “data set certified” they will save time and receive a more accurate appraisal report meaning more business for the appraiser and increased time savings and data accuracy for both parties. Win-Win!
Why did we build it?
We hear all the time from our customers about their issues with data quality, incomplete information, and time wasted manually entering data. In this industry, commercial lenders and appraisers have operated in a fragmented community in which no one data standard emerged, but that all changes with Platform Integration. Both appraisers and lenders will experience:
- Greater Transparency
- Increased organizational efficiency
- Smarter appraisal order assignments
- Reduction of manual entry
- Higher data quality
Simplifying the Due Diligence Process
The simplification of due diligence processes puts both lenders and appraisers in better positions to compete in an industry known for its intricacy. Platform Integration increases speed-to-market and represents a safeguard in any kind of economy. Regardless of the direction of the commercial real estate market both banks and appraisers will be continually pushed to do more with less. The integration of all aspects of the appraisal management process makes this possible.