Current tech improvements have focused level of sale or particular underwriting duties to enhance operational efficiencies, leaving the guide overview of value determinations as an underexplored space ripe for digitization and automation. Collateral underwriting flip instances particularly have been slowing for years as new tips, overlays and documentation processes have added to the already-long appraisal overview course of.
In a case research printed with HousingWire, Sierra Pacific Mortgage outlines the ache points that led them to search for an automatic appraisal overview answer, the way it labored with Mercury Community to configure RealView to its wants and the enhancements it has seen since implementing RealView.
The Ache Level
Sierra Pacific Mortgage, a California-based nationwide direct lender licensed in 49 states, needed to extend its underwriter productiveness and enhance collateral underwriting flip instances. In 2018, Sierra Pacific performed its personal inside evaluation and located that its 82 underwriters had been spending a median of 45 minutes to an hour reviewing the small print of every appraisal, which restricted every underwriter’s productiveness to 1.5 to 2 loan information per day.
The agency started its initiative to develop underwriting capability by centralizing the appraisal overview underneath one group so its underwriters might give attention to borrower qualification and enhance flip instances. After creating an Appraisal Overview Staff, stakeholders additionally regarded for efficiencies in how saleable loans had been dealt with, figuring out alternatives to automate guide steps and eradicate “stare-and-compare” duties.
Todd Knowles, appraisal overview lead at Sierra Pacific Mortgage, was instrumental within the agency’s seek for an answer. “…We needed to equip our underwriters with a tool that could work in conjunction with the CU score to help us perform a risk-based review. It would need to analyze the appraisal based on risk factors like quality, complexity and value,” he mentioned. “But just as important for a successful implementation was getting buy-in from our teams who would be using the tool.”
Key Necessities for The Tech
Sierra Pacific Mortgage was already utilizing Mercury Community’s collateral platform, which included the totally built-in RealView automated appraisal overview answer. After deciding to maneuver ahead with RealView, the decision-makers at Sierra Pacific had 5 key necessities as they labored with CoreLogic to configure the answer to its wants. They needed to make sure that RealView would:
- Run appraisal opinions routinely
- Rating high quality, complexity and value
- Present reliable and credible outcomes
- Enhance underwriters’ capability and consistency
- Shorten total loan underwriting flip instances
CoreLogic’s RealView group labored carefully with Sierra Pacific to arrange configurable overview rule units to fulfill the agency’s wants. Rick Bargioni, vp of Nationwide Underwriting Supervisor at Sierra Pacific Mortgage, known as working with CoreLogic on RealView a “very easy and accommodating process.”
Discover out extra about how Sierra Pacific Mortgage labored with CoreLogic’s Mercury Community to configure RealView and the outcomes Sierra Pacific has seen since by studying the complete case research right here.