New fatti™ report will help lenders better predict loan cycle times and improve the borrower experience
CLEVELAND, OHIO – June 6, 2017 – Accurate Group, a leading provider of real estate appraisal, title and compliance services, today announced the launch of a new appraisal turn time indicator framework. The new analytics framework, branded Forecasted Appraisal Turn Time Indicator (fatti™), aggregates nationwide data from Accurate Group’s extensive appraiser panel to generate monthly forecasts of appraisal turn times.
Accurate Group is now distributing monthly fatti reports to its lender clients to help them manage appraisals and more accurately set purchase agreement terms, rate lock commitments and borrower expectations. The fatti report is broken down by the lender’s footprint to deliver more accurate turn time forecasts based on the unique characteristics of each real estate market.
Appraisal turnaround times are a critical component of overall loan cycle time, which is a key performance indicator for banks, credit unions and other real estate lenders as they strive to improve profitability and borrower satisfaction. Accurate Group’s fatti report is designed to help lenders better predict appraisal cycle times, which have been widely varying due to market volumes, cost volatility, complex regulations and a growing appraiser shortage in some markets. In addition, fatti improves the borrower experience for purchase and refinance appraisals by helping lenders set more realistic expectations with borrowers, realtors and closing agents.
Proactively educating lenders on appraisal turn times in key markets is also helping Accurate Group strengthen its appraiser relationships and improve lender/appraiser collaboration.
“As an appraisal management company, we are always striving to deliver greater value and transparency to our lender clients while also improving relationships with our appraiser partners,” said Paul Doman, President and CEO of Accurate Group. “We are already getting great feedback on the monthly fatti report. This new analytics tool gives clients the insight they need to improve their appraisal management processes and better manage borrower expectations. It is also improving our relationships with both lenders and appraisers because we are all managing to the same data set. Transparency has always been a key differentiator for Accurate Group as an AMC, and the fatti framework is just our latest offering to ensure lenders have the information they need to be successful.”
About Accurate Group
Accurate Group is a leading provider of real estate appraisal, title and compliance technology and services nationwide and an expert in home equity loans. Accurate Group combines exceptional service with advanced technology and its proprietary AccurateAudit™ compliance foundation, going beyond a traditional appraisal management company (AMC) to provide banks, credit unions, servicers and other mortgage lenders with the best combination of speed, accuracy, regulatory compliance and price. With Accurate Group, lenders gain a strategic partner and next-generation technology that can help them increase revenues, lower costs and improve compliance across all types of real estate loans, including residential mortgage, home equity, refinancing and default servicing. Visit www.accurategroup.com.