ACT recognized the potential of AQPM to transform the appraiser selection process, and how significant that is for our clients because the appraiser is the most important factor in the quality of an appraisal.
Indianapolis and East Dundee, IL. (PRWEB) October 05, 2017
Theoris Software, the premier developer of standard-setting, cloud based business intelligence (BI) solutions to the mortgage industry, announced today that it has completed the implementation of Appraisal Quality and Performance Management (AQPM) for ACT Appraisal Inc., a fully compliant and leading national appraisal management company (AMC).
The implementation provides ACT and its clients streamlined access to Theoris’ AppraisalQPM, a cloud-based platform designed to optimize the selection of AMC’s and appraisers through powerful data, analytics and an intuitive dashboard interface that sets it off from other technologies.
“Theoris Software’s flagship technology, AQPM, will provide ACT and its clients the capability to drill down by local market, mortgage type and property type. It also automates the selection of the optimal, or best, appraiser for each assignment,” said Jim Cutillo, CEO of Theoris Software. “The result is that appraisals are completed with improved turn times, increased quality and performance, as well as fewer Underwriting Conditions, reduced performance costs, better reliability and more.” Cutillo is the Founder and former CEO of Stonegate Mortgage.
To determine the optimal appraiser for an assignment, AQPM generates an AQPM Score, or a composite score between an appraiser and AMC, based on quality and performance milestones that include Turn Times, Quality, Reliability, Performance Cost, and CU Scores for each appraiser.
“ACT recognized the potential of AQPM to transform the appraiser selection process, and how significant that is for our clients because the appraiser is the most important factor in the quality of an appraisal,” said Bryan Franks, Founder and President of ACT Appraisal. “We have always promised our clients that we would help optimize their performance, save time, reduce costs, and keep them compliant, so it was an easy decision to implement AppraisalQPM.”
ACT and its clients will realize significant performance and quality benefits from implementing AQPM, including the following:
- Uses data-driven analysis identify, select and manage AMCs based on their quality and performance.
- Enables ACT to generate real-time quality and performance analytics, derived from its own data, enhance the customer experience and receive more orders from customers.
- Shortens Turn Times and reduces Performance Costs while at the same time appraisal Quality, Reliability and AQPM Scores increase dramatically.
- Establishes the AQPM Score as a standard for comparing AMCs and appraisers by zip code, mortgage type and property type.
- Replaces subjectivity in AMC and appraisal selection with a transparent, objective process based on quality and performance data.
In addition, AQPM provides transparency, insight and controls that lenders use to reduce risk and maintain regulatory compliance. For example, lenders are required to monitor their third-party vendors, including AMCs and appraisers. “AQPM ensures lenders can manage the quality and monitor the performance of the service providers they work with; that’s a critical business activity, AQPM was designed to address and that can reduce financial, operational, compliance and reputation risk,” said Cutillo.
About ACT Appraisal, Inc.
ACT Appraisal, a leading appraisal management company (AMC), has earned a reputation for delivering high-quality, full–service, national appraisal management services and outstanding customer support. It has a proven track record of reducing the time and costs of managing the appraisal process—and generating efficiency. ACT offers electronic ordering and delivery as well as a secure online system to track loan files. Most recently, it was an early adopter of AppraisalQPM, a cloud-based platform designed to optimize the selection of appraisers and AMCs. For more information, visit http://www.actappraisal.com.
About Theoris Software
Theoris Software, the visionary firm that’s emerged as the premier developer of business intelligence (BI) software to the mortgage industry, and the developer of AQPM. It is a groundbreaking software that measures the quality and performance of appraisers and appraisal management companies (AMC). Based on dozens of milestones, AQPM creates an AQPM Score for each appraiser and AMC. An AQPM Score is a composite score between appraiser and AMC that includes turn time, quality, reliability and performance cost. It allows lenders to instantly select the optimal appraiser or AMC based on zip code, mortgage type and property type. AppraisalQPM was developed by mortgage industry veteran Jim Cutillo, who is the current CEO of Theoris Software and was the founder and former CEO of Stonegate Mortgage. For more information, visit http://www.theorissoftware.com.