If 2020 has a theme, implementation of technology to enhance day-to-day operations would be it and as long-time proponents of embracing technology, we think it’s not only critical but imperative for long-term growth and to remain competitive in today’s marketplace.
This year CBA LIVE was no exception, hosting their first ever virtual conference and while there were a few technical difficulties the conference was a great success! We were proud to once again sponsor the Home Equity Lending Forum as part of our Diamond level sponsorship.
One of our big takeaways from the conference was during the Home Equity Risk Interactive Discussion where we learned lenders are still using way too many Traditional (Drive-By and Full) Appraisals for home equity origination. They could easily be using faster, less expensive alternatives such as Automated Valuation Models (AVMs), which reduce valuation time by 2-3 days and lower the cost by up to 70% or USPAP-compliant desktop appraisal processes, like our ValueNet™ suite of products which offers both exterior and interior appraisal options as alternatives to a 2055 or 1004 appraisal on home equity transactions.
Also on the Home Equity track, our SVP of Strategic Valuation Initiatives, Mike Kirk, was a member on the panel “Technology & Home Equity in a COVID World” where he discussed how technology like our Directed Remote Data Collection (DRDC) has been key for lenders during COVID-19, keeping the lending process on track, and how it will continue to drive the future of Home Equity Lending long after.
Mike not only explored the changing valuation landscape along with COVID-19’s impact, but also shared a lender case study with the audience, supporting the need for appraisal modernization and the use of smart, low risk solutions now, and post-pandemic. If you missed the session on September 29th, there’s still time to access via your virtual conference link or you can request a demo to learn more about our agile technology for remote property inspections.
Although 2020 has presented many challenges, it has also come with just as many opportunities. The implementation of technology is, and will be, imperative for lenders looking to maintain, or create, a competitive advantage. Learn more about how Accurate Group can help by utilizing digital technology to help lenders close more loans faster!
And it’s not too late! There’s still time to sign up for tomorrow’s webinar “Online Closings – Prepare Now – Don’t Wait for the Next Crisis!”. Our experts, Dave Samson and Frank Guarnera, will discuss how lenders of all sizes can implement the most efficient online closing workflows into their lending process and review best practices to ensure your transactions are secure.
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