While each lender’s appraisal procurement process is unique in terms of the tools used, information flow, number of touchpoints, etc., most lenders can agree on one thing: they are always looking for ways to improve their process.

In order to help lenders with that goal, we looked into five key stages of the appraisal procurement process:

  • Requesting a service
  • Issuing the request for services
  • Bid review, award, and engagement
  • Appraisal review process
  • Project closeout/invoicing
  • In our infographic below, we provide a time study of each step and compare the results to a process that leverages technology (excluding the time an external fee appraiser would take to compile their reports). As shown in the average of several time studies LightBox has conducted, lenders can save 62% in the amount of time to procure an appraisal.

    While each lender’s appraisal procurement process is unique in terms of the tools used, information flow, number of touchpoints, etc., most lenders can agree on one thing: they are always looking for ways to improve their process. In order to help lenders with that goal, we looked into five key stages of the appraisal procurement process: Requesting a service Issuing the request for services Bid review, award, and engagement Appraisal review process Project closeout/invoicing In our infographic below, we provide a time study of each step and compare the results to a process that leverages technology (excluding the time an external fee appraiser would take to compile their reports). As shown in the average of several time studies EDR LightBox has conducted, lenders can save 62% in the amount of time to procure an appraisal.

     

    Category Appraisal, Infographics, Lender