If you’re a lender, appraiser or realtor, you most likely understand that determining appraisal turnaround time for a full residential appraisal report cannot be boiled down to an exact science. In fact, there are a whole bunch of internal and external factors that could impact the amount of time it takes — from initial order to final approval — for you to accept an appraisal report.
And while many factors are out of your hands, there are several things you can do to ensure a more efficient appraisal turnaround time from an appraiser, with limited, necessary retouches and fewer rejections.
How to Improve Appraisal Turnaround Time
Begin the Appraisal Process as Soon as an Order is Submitted
If appraisal turnaround time is important to your bank or credit union, it’s in your best interest to work with your AMC to develop a proposal letter that clearly stipulates the requirements of your lending institution. That way, you can ensure that the appraisal process is clearly laid out and will be able to begin as soon as the order is submitted. Provide your appraiser straight up with all of the information needed to complete an appraisal report that meets your specific needs, with less chance of being disputed back to the AMC for revisions.
Keep in mind that less is sometimes more. An appraisal proposal letter with large amounts of extraneous information and instructions can lead to difficulty finding an appraiser willing to take on your assignment.
Make sure your engagement appraisal proposal letter is brief, concise, and provides the needed information to make wise credit decisions. Then, get ready to get the ball rolling once all of the terms have been laid out.
Review the Quality Control Process
Disputes can seriously hamper any and all expectations regarding appraisal turnaround time. The key to reducing turnaround time is selecting a trusted AMC partner with a quality control (QC) process designed to catch mistakes before submission and thereby limit costly delays. For example, at Oxford AMC, our group of experts monitor and certify the entire appraisal process. We keep our clients in the know via automated email updates regarding the order progress. When completed, we will review and certify the appraisal for 100 percent compliance.
Proactive AMCs are using analytic tools on the front end to catch issues before the appraisal is delivered to their clients. These AMCs enhance appraisal quality by giving appraisers and review staff the data, tools and workflows needed to identify and address issues before an appraisal is submitted.
This means a higher probability of success passing the QC review by your underwriters and investors the first time.
Get Familiar with the Market Area
Nothing is more frustrating than closing delays due to appraisal delays. Appraisal turnaround time is often a product of supply and demand which will vary from one market to another.
Select an AMC capable of sharing forecasted turnaround times and willing and able to proactively communicate the expected delivery date on any given order so that you can set reasonable expectations and keep the necessary parties informed.
Pair with a Vigorous Group of Qualified Appraisers
Your appraisal turnaround time will benefit greatly from pairing with AMC with a robust network of qualified appraisers throughout your lending footprint. Ask your AMC about their appraiser recruiting and onboarding process.
When it comes to the team affiliated with Oxford, the majority of our team carries the prestigious MAI designation:
- George Denman, MAI
- Jack Sheehan, MAI, AI-GRS
- John Wilson, MAI, AI-GRS
- Joseph Rusin, MAI
- Robert Klein, MAI, MRICS
- Lisa Heeney, MAI
- Frank Trupia, MAI
- John Eckhoff, MAI
- Joseph Corbett, MAI
- Adam Weber, MAI
- Russ Di Lello, MAI
- Irene Sandborg, MAI
Superior turn time, quality and service are not possible without a strong and dedicated appraiser network.
Keep on with Communication
It pretty much goes without saying that you aren’t looking to chase down information regarding your appraisal. At Oxford, we’ve found that working with a single point of contact is paramount in reducing appraisal turnaround time. That’s why we’ve created our online portal that is open to both our team and our partners (you) 24/7.
Our secure online portal is always available for ordering, and we monitor every detail of a process that has been refined over many years. All appraisal documents are available online for five years, and you will have access through login credentials.
We operate from a high-availability secure system architecture that is fully customizable for the access and security levels you require. You will also have access to quarterly reports showing client and market/industry data.
As a trusted, expert outlet in the AMC industry, we at Oxford set the expectations of our appraisers to:
- Accept orders quickly
- Schedule appointments quickly
- Request all necessary documents at order acceptance
- Use multiple types of technology to communicate quickly and at every step of the process
- Meet committed due dates
Our process and dedication has proven to lead to quicker turnaround times when it comes to the orders our team oversees. Of course, with our vast network of appraisers and Oxfords’ tried and tested, rigorous follow-up process, we are dedicated to bringing you fast, high-quality appraisals.
Get in touch with the appraisal experts at Oxford AMC today. We monitor your chosen appraiser throughout the process to ensure the quickest and most efficient turnaround time possible (without compromising on quality).
When you work with us, you will receive automated email updates notifying you of progress. When completed, we will review and certify the appraisal for 100 percent compliance.
Contact us today – we’re ready and waiting to team up with you!