ValuTrac Software, provider of the industry’s most configurable appraisal management software for both residential and commercial valuations, has announced the launch of SnapShot automated appraisal review, a low cost, streamlined appraisal review tool available through ValuTrac Software’s ValuTrac Pro and ValuTrac Pro Plus.
SnapShot was designed for organizations that want a faster, more streamlined automated appraisal review. SnapShot supports Fannie Mae appraisal forms 1004, 1073, 1025, 1004C and 2055, and can be set up to run automatically when appraisers upload an appraisal report.
SnapShot uses a streamlined, predefined set of rules, which vary based on appraisal form. Users have full control over all automated rules and they can also include manual review questions. Users can set SnapShot to flag findings as hard stops or warnings, based on their quality assurance procedures.
“Lenders and AMCs don’t always need the intensive appraisal quality audit—or its higher price tag,” said Clint Cornett, CEO of ValuTrac Software. “SnapShot is for companies that want to eliminate the most frequent issues that lead to costly delays, right up front. ShapShot improves the appraisal review process with a more time efficient evaluation that leads to a higher quality appraisal report.”
SnapShot evaluates data fields for errors, omissions and inconsistencies, cross references the appraisal’s data against the appraisal order’s data, and verifies appraiser status according to ASC (Appraisal Subcommittee) and HUD (U.S. Department of Housing and Urban Development) rosters. SnapShot also displays the appraisal value with the comparable sales adjusted value range provided in the report, and a HouseCanary automated valuation and confidence score.
“A lot of delays in the appraisal process come from simple, totally avoidable mistakes,” said Cornett. “Each mistake can delay the process by one day or more, which is enough to impair client service and profits. SnapShot helps AMCs and lenders identify those issues from the get-go so they can avoid the short and long-term costs of those delays.”
