ST. PETERSBURG, Fla., Dec. 1, 2020 /PRNewswire/ -- AppraisalVision, the mortgage industry's first on-demand platform for home appraisals, announced an agreement today with ACI, a leading solutions provider in the valuation industry for nearly 40 years. AppraisalVision also announced the availability of SMARTReview, a next generation appraisal quality control and review platform for lenders, appraisal management companies (AMCs) and appraisers.
SMARTReview is a risk-based appraisal quality control (QC) and review platform, that allows a lender to extend, standardize and automate their appraisal QC and review process across all of their AMCs and appraisers. Built on top of ACI's Sky® API and PAR® Logic compliance library, SMARTReview provides a single platform for all participants to collaboratively review and approve the appraisal report, resulting in improved efficiency and quality.
"We have seen an 80% reduction in underwriting revisions when an AMC utilizes SMARTReview, prior to delivery of the appraisal report to the lender," said Jim Cutillo, Founder and CEO of AppraisalVision. "If a lender is utilizing multiple AMCs and appraisers, SMARTReview is a game changer and makes existing appraisal review processes and tools obsolete."
SMARTReview is currently in production with several national lenders, AMCs and appraisers. The platform is integrated with UCDP/EAD and Fannie Mae's appraisal API, allowing lenders to incorporate risk-based findings into the appraisal QC and review process. MLS and public record data can also be incorporated to validate order and appraisal report data.
"We're excited to work with AppraisalVision. They have created an innovative QC platform that leverages our Sky API to drive the PAR Logic compliance through the SMARTReview workflow." said George Opelka, General Manager at ACI. "The end result empowers all stakeholders along the way to improve both productivity and appraisal quality."
ACI specializes in creating innovative workflow solutions for real estate appraisers, appraisal management companies and financial institutions. Backed by analysis-driven tools and industry expertise, ACI's cloud-based and enterprise software applications empower stakeholders with a streamlined approach to managing forms, rules and data, while operating with audit-ready transparency and compliance. Through visionary leadership and dedication to client service, ACI has served as a reliable and driving force in the valuation industry for nearly 40 years. Headquartered in Palm Coast, Florida, ACI is a member of the First American (NYSE: FAF) family of companies. For more information, visit https://www.aciweb.com.
AppraisalVision is the industry's first on-demand platform for home appraisals. Powered by Vision Analytics and their machine learning algorithm, known as an AQPM Score, AppraisalVision's SMART products optimize AMC selection, appraiser assignment, and appraisal QC and review. Providing management of the order from start to finish, with their revolutionary data and analytical approach. Jim Cutillo, former founder and CEO of Stonegate Mortgage Corporation, is leading a team of tech savvy, next generation industry experts, focused on reinventing the appraisal process. For more information, visit https://www.appraisalvision.com.