OLDSMAR, Fla., and INDIANAPOLIS, Sept. 27, 2017 /PRNewswire/-- Theoris Software, the premier developer of standard-setting, cloud-based business intelligence (BI) solutions to the mortgage industry, announced today that Nationwide Appraisal Network (NAN), an innovative, women-owned, industry-leading appraisal management company with true national coverage, had completed the implementation of Appraisal Quality and Performance Management (AQPM).
NAN and its clients gain streamlined access to AQPM, a dynamic, cloud-based platform designed to optimize the selection of appraisers and AMCs through powerful data, analytics and an intuitive dashboard interface that sets it off from other technologies. NAN was a participant in the AQPM pilot program and is an early adopter of the platform.
"In the short time since it was implemented at NAN, AQPM quickly demonstrated the pioneering results of selecting appraisers based on the quality and performance of the appraisals they complete," said Jim Cutillo, CEO of Theoris Software. "NAN experienced increased quality and improved performance and that was reflected in milestones that include Reliability, Underwriting Conditions and CU Scores."
"AQPM has enabled us to improve the quality and performance of the appraisals we complete because we collect data in close to real time, covering dozens of milestones. That insight and transparency ensures that we can deliver excellent quality and performance for every order—because we can select the optimal appraiser for each assignment," said Joni Pilgrim, Chief Business Development Officer at NAN. "AQPM provides every appraiser with an AQPM Score, which makes comparing performance among appraisers based on local market, mortgage type and property type easy and fast. And it eliminates the risk that the wrong appraiser will be chosen, and a file will have issues as a result."
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 includes Turn Times, Quality, Reliability, Performance Cost, and Due Dates Met for each appraiser.
NAN and its clients will experience unparalleled performance and quality benefits from implementing AQPM, including the following:
- Relies on data-driven analytics and technology to evaluate, select and manage AMCs based on their quality and performance.
- Helps ensure compliance with federal-and-state regulators.
- Uses quality and performance analytics, generated from its own data, to increase market share among its clients and improve the customer experience.
- Decreases Turn Times and Performance Costs while at the same time appraisal Quality, Reliability and AQPM Scores will increase.
- Establishes the AQPM Score as a standard for comparing AMCs and appraisers by zip code, mortgage type and property type.
- Eliminates subjectivity from the AMC or appraiser selection process, replacing it with a transparent, objective process based on real-time quality and performance milestones.
About Nationwide Appraisal Network
Nationwide Appraisal Network (NAN), a women-owned, award-winning appraisal management company, is an industry leader that provides superior customer service, sophisticated, innovative technology, and a talented, experienced professional staff. Clients have come to rely on NAN to produce creative solutions to nagging industry challenges—often building transformative, proprietary solutions. NAN is an early adopter and beta tester of AppraisalQPM (AQPM), a cloud-based business intelligence (BI) reporting and analytics platform that provides quality and performance analytics for optimal AMC and appraiser selection, for every assignment. For more information, visit www.Nationwide-Appraisal.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 www.theorissoftware.com.
Matthew H. Strickberger
OnPoint PR and Consulting LLC
SOURCE Nationwide Appraisal Network (NAN)