APPRAISAL SUPPORT SERVICES FOR AMC
About our Client: The Client is an industry leading provider of Appraisal Management offering nationwide valuation services for residential sectors. They are the largest 100% staff residential real estate Appraisal Company in the United States. They employ more than 200 staff Appraisers providing a one-stop solution for prospective borrowers across the country.
By the Numbers:
- Over 250 appraisal reports reviewed on a daily basis
- All reports are reviewed and returned within 2 to 4 hours per SLA
- Back office support coverage provided on a 24/7 basis; 365 days per year
Challenge: The Client was dealing with hundreds of appraisal orders on a daily basis with no viable means of completing reports within industry accepted guidelines. As we have experienced resources at the ready, they turned to Kensium BPO to provide a labor force capable of returning appraisal reports to customers within accelerated timelines. Beyond completing the reports quickly to bring our Client into compliance, a 100% accurate work product was essential in ensuring the sale could proceed without delay.
Solution: Kensium’s Subject Matter Experts (SMEs) worked closely with the Client’s quality specialists to establish guidelines to review each report as well as protocol for sending revisions to appraisers. We designed a custom workflow for the property appraisal reports that focused on the crucial data points of efficient appraisal methodology. Comprehensive details of the location of the property, trending market rates in the vicinity, update features, and current renovation requirements of the property were painstakingly reported. Multiple sample reports were completed as a Proof of Concept followed by successive rounds of Client feedback to fine tune the output. At the conclusion of the piloting phase, we quickly revamped the workflow to meet expectations and recalibrated internal staff training accordingly.
Results: Within a month, Kensium BPO had streamlined the process submitting appraisal reports within 2 to 4 hours and revision requests within 1 to 3 hours. By providing 24/7 coverage, the Client was able to set a high standard for responsiveness. The Client has been steadily pleased with our service and has requested additional assistance with order population within their management portal, appraiser’s database management, and other labor intensive tasks.