BETHESDA, Md., Jan. 21, 2020 /PRNewswire/ --Walker & Dunlop, Inc. and GeoPhy announced today the launch of a new industry-changing appraisal company called Apprise.
Current methods for preparing appraisals of multifamily assets have been in place for decades and are highly antiquated. As a result of these outdated processes, appraisal reports can take up to three weeks to deliver, may include data inconsistencies, and result in a highly subjective valuation, which varies dramatically from appraiser to appraiser.
By combining Walker & Dunlop's deep industry knowledge, GeoPhy's powerful data science and analytics technology, and the experience of a team of highly respected appraisal professionals, Apprise will eliminate the outdated, manual processes that plague the multifamily valuation industry. The new company will employ machine learning to provide a more objective, consistent, and transparent FIRREA-compliant multifamily appraisal delivered in as little as five days.
In the U.S. multifamily sector alone, more than $2.9 trillion of assets depend on valuation expertise for every transaction. Apprise will put information in owners' and operators' hands sooner, empowering them to make more informed decisions on acquisitions, financing, and equity investments, all of which directly impact their businesses. Apprise also benefits real estate investment firms and lenders who can use the shorter underwriting and appraisal processing timelines as a competitive advantage.
"We are extremely excited to launch Apprise in partnership with GeoPhy," said Willy Walker, Chairman & CEO of Walker & Dunlop. "We saw an opportunity to revolutionize this crucial part of the multifamily mortgage process to better serve borrowers and lenders alike. Appraisals have often been a pain point in the underwriting process, but we're turning them into a differentiator that will not only save time, but money. We are always looking for ways to better serve our customers, and we believe this technology will be immediately accretive to our clients."
"What sets Apprise apart from the competition is that our technology is designed to accelerate 80 percent of the appraisal preparation process," said Teun van den Dries, Founder and CEO, GeoPhy. "This automation eliminates the issue of human error and resolves data discrepancies on behalf of underwriters and borrowers. In addition, GeoPhy's Automated Valuation Model (AVM) complements the traditional valuation methods in Apprise to give appraisers an extra layer of validation against outlier results."
"The innovative solutions we've built have allowed us to recruit some of the most respected talent in the appraisal industry, including Meghan Czechowski, MAI, previously the national multifamily practice leader at Cushman & Wakefield, and Amanda Cooper, MAI, formerly Colliers' Florida multifamily practice leader," said Brad Savage, MAI, CCIM, Chief Product Officer, Apprise. "These trusted veterans are attracted to Apprise because they want to bolster their expertise with the industry's best technology and data platform, allowing them to allocate more time to draw conclusions and advise their clients."
Focused exclusively on the U.S. market, Apprise currently covers more than 30 states and is targeting nationwide coverage by the summer of 2020. As the nation's multi-trillion-dollar multifamily market continues to reach new heights, Apprise represents a tremendous growth opportunity for an industry-changing multifamily property appraisal solution.
-FIRREA and GSE-compliant multifamily appraisals:Final appraisals including inspection in five or fewer business days for stabilized market-rate apartments in select markets -Other appraisals:Desktop and Restricted Appraisals – such as periodic Valuation for Financial Reporting (VFR) reports – in as little as five or fewer business days within select markets
Apprise has coverage in 30+ states as of January 2020, with nationwide coverage targeted by the summer of 2020
USPAP, FIRREA, Fannie Mae, Freddie Mac
Technology and Data
Appraiser workflow automatically populates with property, comp, rent, location, and market data that our technology platform intelligently ingests from third party sources and client-provided documents
About Walker & Dunlop Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 800+ professionals in 39 offices across the nation have an unyielding commitment to client satisfaction
About GeoPhy GeoPhy, with U.S. headquarters in New York City, gives real estate professionals the competitive advantage of data science. First, we source, link, and cleanse a variety of data sources in our platform. Then, our one-of-a-kind software generates the industry's most accurate and insightful perspective on commercial property value. Our solutions empower investors, lenders, ratings agencies, governments, and ultimately citizens with faster, objective insights on the wide range of factors influencing property value.