""InHouse, Inc."":http://www.InHouseUSA.com, a provider of appraisal solutions for banks, lenders, and other mortgage originators, has announced the launch of InHouse Connexions. The Orange,[IMAGE]California-based company says it's the industry's first technology for managing any combination of disparate appraisal vendors, including appraisal management companies (AMCs) and individual appraisers.
Lenders have become more dependent upon AMCs for fulfilling their appraisal needs largely as a reaction to the Home Valuation Code of Conduct (HVCC) and the Federal Housing Administration's (FHA) Appraiser Independence guidelines. But with this dependence and these new industry rules has come a challenge for lenders to efficiently manage the appraisal processes for more than one vendor.
According to InHouse, while there are appraisal process management technologies on the market, they consist of a series of fragmented parts. The company says Connexions,
[COLUMN_BREAK]on the other hand, combines technologies for analysis, data mining, and workflow, all together on one platform. The number of vendors that can be managed from the single Connexions platform is unlimited.
InHouse notes that historically, lenders have had no simple way to switch from vendor to vendor, which has led many to become unnecessarily tied to a vendor that may or may not be the best choice for their business plan and bottom line.
""Connexions gives lenders the freedom to run their appraisal processes the way that works best for them, all while saving time, saving money, and staying compliant,"" said Jennifer Creech, president of InHouse, Inc. ""Changing vendors should not be so difficult that a lender gets locked in with any one provider. The best solutions can be found through a comparison of vendors, whether AMCs, appraisal companies, or individual appraisers.""
Creech explained that with Connexions, adding a vendor takes three minutes or less. She says with timeframes like that, lenders can constantly compare vendors so they're always sure they're using the best available option.
Creech says Connexions was built by lenders, for lenders, with extensive feedback from two mid-tier lenders. The system's configurable assignment engine allows lenders to control distribution volumes per vendor and ensure the appraiser's geographic competency.
InHouse says there's no cost to implement Connexions. Users pay one flat transaction fee per appraisal, on a month to month basis.