The AVM Superhighway

Reprinted from Mortgage Technology website

by Anthony Garritano

Want a quicker way to get your AVM or appraisal? Want the ability to see the progress of your AVM or appraisal at every step? If so, Web portals and Web-based services like Memphis-based Valocity's Instant Access are a viable solution.

The selling point behind this product and other Web solutions like Instant Access is that it allows the lender to get real-time access and control over the appraisal products. What separates Instant Acccess from other Web services portal is its coverage and the ability to see the AVM or appraisal as it moves through the process.

"We are in all 50 states and offer redundant coverage," noted Carsten Kaaz, executive vice president and chief information officer at Valocity. "It's a pretty dramatic step in our growth cycle. The company was started in 1998 as a local Mom-and-Pop appraisal company. We can cover 90% of all appraisal activity that takes place. Our next step is to cover every county.

"From a value proposition standpoint, we have a unique platform," he continued. "What makes us unique is that we've bundled technology and service together. With competing companies their core competency is the technology itself and not the process. Our technology infrastructure is built on a service-oriented architecture in that it is flexible to the situation. For example, you can have a single appraiser that works out of his/her home or a regional appraisal company using the system."

The system also allows access to a variety of AVMs, making it a one-stop appraisal outlet. "Most technology firms like ours serve as a middle road between the appraiser and the lender and charge a fee," said Mr. Kaaz. "We don't charge for our technology. We let everyone use our technology free of charge. Our money is made by selling the actual appraisal. What we're doing is bridging the gap between a very decentralized appraisal world to a very centralized lender environment."

As part of its effort to expand the flexibility of the system, with version 3.0 Instant Access can now accept XML formats and convert documents of other formats to XML at the request of the lender. To this end, Valocity has endorsed both the AI Ready and MISMO standards to make it possible for their reports to be both MISMO and AI Ready compliant.

"The industry is continuously changing," noted Mr. Kaaz. "We want to offer everything from AVMs to full-blown appraisals so we can offer all viable appraisal products. We've grown so rapidly because we've focused on quality products. On the technology side, we will adapt all new technologies as required by lenders."

Patriot Bank of Milington, Tenn. for one is very happy with the level of service offered by Instant Access. "One of their appraisers was involved with us and we got introduced to them through her involvement with them," said Keith Barger, vice president of SPB. "She told us that we could order and download appraisals and AVMs online, which was great for us because that process was very manual and fax driven for us.

"We're always looked at a variety of appraisal companies to make sure that we're offering the best product to our customers," he continued. "So we're constantly looking at appraisal alternatives, but Valocity still captures the vast majority of our appraisal business because of their platform, and their ability to service you through their website."

Patriot uses Valocity's Instant Access to manage its appraisals. "Our staff goes online to place the orders in a very easy platform," said Mr. Barger. "The second benefit is that you can access the comments section to get immediate feedback on the status of the appraisal. Finally, once the appraisal is done we can automatically download it without having to wait for delivery. You constantly feel like you're in the loop."

About Valocity
Based in Memphis, TN., Valocity, formerly Appraisal Forum, is a national valuation solutions provider. The company is committed to providing solutions that streamline the appraisal process from initial requests to final valuations. Founded in 1998 by Carsten and Bethany Kaaz, the company combines its comprehensive knowledge of the appraisal process with superior technology to offer its clients a truly paperless system for processing valuations. The company’s flagship product, Instant Access®, is a Web-based appraisal and data storage system that enables clients to efficiently order, track, receive and store residential property information and valuation reports.

For additional information about Valocity, contact Shawn McGowan at 901.624.3900 or e-mail smcgowan@valocity.com. Visit the company’s Web site at www.valocity.com.

For more information contact:
Shawn McGowan
901.624.3900
smcgowan@valocity.com