Mortgage Valuation Company Achieves Appraisal Deadline Excellence with Backoffice Pro's Support

The Brief

• Client Profile: The client, headquartered in Spring, Texas, is a fast-growing valuation company that provides nationwide valuation services in both the commercial and residential sectors. The company operates in five significant counties: Brazoria, Harris, Galveston, Fort Bend, and Montgomery.
• Company Size: A medium-sized valuation company with over 100 employees
• Industry Domain: Mortgage Valuation, Commercial Valuation, Residential Valuation.
• Challenge Faced: The client had previously engaged a service provider to check the quality of appraisals. However, the provider assigned the task to individual appraisers nationwide, resulting in subpar quality and incomplete work.
• Project Objective: The objective was to ensure report accuracy, meet strict deadlines, handle the increased volume of work, adhere to specific lender/broker guidelines, and ensure resource adequacy.

The Solution

The Backoffice Pro (BOP) team discovered that previous valuations were often based on limited comparable sales, leading to inaccurate assessments. To address this challenge, BOP assembled a team of skilled appraisers to provide fair and accurate valuations within stringent deadlines of 4-6 hours while maintaining a 98% accuracy rate.

• BOP formed a team of experienced appraisers and fresh recruits. To ensure compliance with federal requirements, the company employs only certified appraisers.
• The team training focused on property valuation methodologies, meeting 'condition and quality ratings,' and adhering to the client's guidelines.
• BOP introduced a standardized QC checklist to ensure consistent and high-standard appraisal reviews.

The Outcome

The mortgage valuation company met deadlines on time without compromising quality. This helped retain their client's trust and led to outsourcing 80% of their total mortgage processing work to BOP. Key achievements included:

• Reducing turnaround time from 24 hours to less than 2 hours.
• A significant drop in lender revision requests.
• A 40% reduction in operational costs.
• A 25% increase in additional business from existing clients.
• Enhanced ability to scale and onboard new customers.