Lender X Presentation


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How can technology help you manage the residential appraisal process in house? Lender X provides you the built in compliance and productivity tools to take control.

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Lender X Presentation

  1. 1. Get back into the DRIVER’S SEAT.
  2. 2. What is LenderX? Your Appraisers | Your Process | Your Compliance A single portal that allows you to manage appraisals, communication, invoicing, tracking and secure borrower delivery in a compliant manner. Ensured regulatory compliance with emerging and established regulatory standards including UCDP, Dodd-Frank and the CFPB You choose the local appraiser, you set the fees & you control the due date, all with the ability to: • Prove that your appraisal process is compliant • Provide secure appraisal delivery to the borrower • Integrate robust appraisal review technology for added quality control
  3. 3. Key LenderX Benefits Built-In Collateral Underwriting Review AMC Connect Regulatory Compliance Compliance Reporting Appraisal Ordering & Fulfillment Customized Order Workflow Real Time Email Alerts Built-In Payment Processing Customizable User Controls & Access Appraiser Metrics Integrated Accounting Tools
  4. 4. Built-In Collateral Underwriting Review LenderX® is now connected to StreetLinks QX, the most powerful automated appraisal review tool in the industry! StreetLinks QX is a comprehensive collateral underwriting utility that combines the most sophisticated automated rules engine, automated valuation model and manual underwriting process ever developed to bring the clarity and accuracy your appraisal process demands. StreetLinks QX is available on ANY appraisal, increasing consistency and removing subjectivity between AMCs or Underwriters. AMC Connect LenderX is now seamlessly integrated with best-in-class nationwide appraisal management company (AMC) StreetLinks LenderPlus™. Place orders that you currently outsource to an AMC directly through the AMC Connect tab within the LenderX platform to further streamline your appraisal process!
  5. 5. Regulatory Compliance With changing regulations, it’s important to use a system that accounts for compliance requirements. • Maintain a non-influence appraisal process without giving up your trusted appraiser relationships. • Separates loan officers/brokers from the appraiser selection process • Tracks all communications and activities • History of appraiser onboarding and selection process • Records appraiser payment, ensuring compliance with Dodd-Frank customary and reasonable fee provisions Compliance Reporting If you can’t track it, you can’t manage it – period. LenderX® includes data-rich reports that give you the information you need at your fingertips. Reporting includes appraisal and accounting level detail at the corporate, branch, originator and appraiser level.
  6. 6. Appraisal Order & Fulfillment Customized Order Workflow The LenderX platform allows you to save time and money, as well as accelerate your appraisal turn-times and close more loans. Specify milestones for your order process to tailor your workflow to fit your needs! From one easy-to-use online portal, you can: Whether you create your own milestones or use our default settings, you can ensure appraisal orders are completed to your standards every time. • • • • Order Appraisal Reports Track Order Progress Communicate in a Compliant Manner Track Activities and Communications on Every Order • Receive & Deliver Appraisal Reports The LenderX Onboarding Team assists in milestone setup, but milestones can be altered at any time.
  7. 7. Real Time Email Alerts Customizable User Controls & Access The key to any successful process is communication. More importantly, compliant communication. Accelerate your appraisal process by simply defining the access level and execution points of each user role within your organization. LenderX will handle the rest! LenderX provides real-time email notifications to the right users on each file, while also providing historical communication and actions tracking between your staff and your appraisers. Save time by allowing us to alert you of status changes, notify appraisers of new orders & change requests to accelerate response times! • Give all people within your organization the proper access and create proper management hierarchies • Eliminate dependency on single individuals for your entire appraisal process • Empower your originators to “order” appraisals while staying 100% compliant
  8. 8. Integrated Accounting Tools Built-In Payment Processing LenderX allows you to manage, approve, queue and track appraiser payments in a single system. Managing your own process through spreadsheets and email, or an inferior system, is cumbersome and costly. LenderX accepts, processes and records payments for you. LenderX helps you verify that the amount invoiced by the appraiser balances with original order amounts, giving you confidence in your accounting process and saving you time & money. Reduces accounting hassles: • Securely and quickly accept borrower payments • Funds are directly deposited into your corporate account • Transaction history stored at the appraisal file level
  9. 9. Appraiser Metrics Seamless Appraiser Onboarding In a single report, view the appraiser metrics that matter, including: LenderX makes it easy to invite your own trusted appraisers to the system or expand your network with our nationwide panel of appraisers. • • • • • Turn times Assignment tracking Rejection rates Travel times And more! Leverage this data to better manage your appraiser panel and improve efficiency and turn times. Simply create a list of your trusted appraisers and LenderX will do the rest by emailing and inviting those appraisers to join your appraiser panel. Even better – simply email the spreadsheet to our team and we will handle it for you!
  10. 10. Extended Appraiser Panel Options Robust Task Management Recruit new appraisers through the LenderX Appraiser Directory, vastly increasing your appraiser coverage as you need it! Simplify your daily tasks with the LenderX To Do List. The To Do List allows you to: • Drill into system activities that require attention • Claim responsibility for group tasks • Lock a task and more!
  11. 11. The LenderX Appraiser Directory Connect with appraisers outside of your invited panel by viewing their detailed profile, vastly increasing your appraiser coverage as you need it! In the appraiser profile, you can view the appraiser’s: • • • • • • Education Certifications Insurance Licenses Service territory Documents
  12. 12. IQ Select™ Intelligent Auto-Assignment LenderX allows you to create a custom assignment algorithm used to automatically assign the most qualified appraiser to each order. You control the 7 weighted criteria that is important to you! IQ Select can assign automatically by product type, branch location, or by customer location down to the zip code! “ LenderX makes it easy to manage the appraisal process internally. Using the LenderX software has helped us to be more organized, plus we’ve seen noticeable improvements in our turn times. We couldn’t be happier with our choice. Bart Doerhoefer, Executive Vice President | Commonwealth Bank & Trust Co.
  13. 13. Sample Appraiser Metric Management Avg Turn Time (days) 7.00 Total Assigned Accepted Rejected 1 1 0 Avg Time to Accept (hrs) 0.35 Avg Time to Avg Travel non_UAD UAD Return Distance Conditions Conditions Revisions (hrs) 3.34 Company Appraisal Company 1 Last Name H First Name Bill State FL Appraisal Company 2 A Vincent PA 8.47 36 36 0 18.23 6.82 Appraisal Company 3 H Richard FL 3.00 1 1 0 1.66 6.76 Appraisal Company 4 C Susan MA 13.80 5 5 0 1.04 21.27 Appraisal Company 5 R Albert PA 5.00 1 1 0 20.49 Appraisal Company 6 C Steven MA 7.96 48 48 0 0.79 Appraisal Company 7 W Richard PA 6.00 1 1 0 0.70 Appraisal Company 8 V Denise VA 6.00 1 1 0 0.07 Appraisal Company 9 S Alan PA 6.88 8 8 0 0.57 11.58 3 0 Appraisal Company 10 D Alfonso PA 6.72 29 29 0 3.01 15.59 8 Appraisal Company 11 D Daniel FL 6.00 1 1 0 29.05 8.63 1 Appraisal Company 11 E Timothy FL 6.00 1 1 0 0.70 7.82 Appraisal Company 12 S jason PA 6.08 36 36 0 5.72 8.22 Days since First Total Life Accepted Orders 28 1 15 0 66 62 4 31 1 1 0 3 5.38 153 21 19 1 19 20 1 1 0 5 1.09 167 107 91 13 15 8.67 70 1 1 0 6 8.45 67 1 1 0 6 2.47 84 14 10 4 10 0 4.55 154 63 58 4 11 0 15.09 61 1 1 0 7 39 1 1 0 6 148 66 63 0 12 0 18.31 1 0 5.37 15 0 17 0 44.97 Easily pull a report which displays to you the appraiser’s report card which tracks both life time and user defined time lines Compares appraiser turn time by state compared to their peers for panel management Publish turn times by state to sales team to manage borrower’s expectations You cannot improve what you are not measuring Total Life Avg Life Rejected Turn Time 0 7 153 4 29.36 Total Life Accepted 1 16
  14. 14. LenderX Customer Support Not only does LenderX offer all the features you need to internally manage your appraisal process, but we also are committed to delivering a level of service that supports your success. LenderX staff will handle appraiser onboarding, initial user access and setup, configuration of your assignment criteria and much more. Plus, your dedicated internal Client Advocate is available for you every day to help update, change and help you with process and procedural questions. “ The LenderX support staff is helpful, knowledgeable and always willing to assist. Such dedication to their users and their product makes the appraisal process infinitely easier. ” Michelle Greening, Collateral Analyst People’s Bank
  15. 15. The LenderX Set Up Process Our onboarding team helps to ensure a seamless transition to your new self-managed appraisal solution! 3 Forms to complete Nothing to download or install 15-Day set up to use timeline Dedicated onboarding advocate Full staff and appraiser training to properly acclimate all users to the LenderX platform
  16. 16. Get Started Today! To view an interactive demo of the LenderX software, please contact Mark Tague, VP of National Sales p: 1.405.659.5684 | e: mark.tague@lenderx.com | www.lenderx.com