Accurate Group

In 2020, Accurate Group completed 35 new API connections with individual clients and our valued platform partners including: DecisionPro, Empower, Encompass, Fannie Mae, Freddie Mac, Finastra, FirstClose, FNC, LendingQB, LoansPQ, Mercury Network, Mortgagebot, Mortgage Cadence, NetOxygen, PowerLender, Qualia Title, RamQuest, RealEC, ResWare and VMCSelect. Accurate Group stood ready to support this change with proven desktop appraisal technology, bifurcated appraisal solutions, a digitally-enabled title information platform, Directed Remote Data Collection (DRDC), remote-only notary (RON) and video closing technologies. In response to more lenders taking appraisal management in-house or choosing to combine in-house and outsourced appraisal resources to meet growing demand, Accurate Group created a turnkey onboarding process for our AppraisalWorks® SaaS platform – enabling lenders to be up and running on AppraisalWorks in less than 24 hours. Combining technology innovation with our long-standing commitment to client success enabled us to effectively support our nationwide client base of banks, credit unions, capital markets and other non-bank lenders through a challenging 2020, and we look forward to continuing that innovation and supporting client growth in 2021.

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. 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.

As states ease shelter-in-place restrictions, many consumers remain wary of in-person transactions, even with the safety protocols businesses have implemented. Enacted Remote On-line Notarization acts allow notaries to conduct remote online notarizations in Arizona, Florida, Idaho, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin. And short-term emergency measures allow use of RON now in the following states (click on each state to see specific details): Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Kansas, Louisiana, Maine, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, West Virginia, and Wyoming. And the Federal Home Loan Bank (FHLB) is making progress on standardized eNote procedures for home equity transactions which we expect to be final by June 30, 2020.

Suspending valuations 120 days doesn’t guarantee a traditional inspection will be possible at that time Benjamin Franklin said it best! Utilize an iValueNet™ Appraisal completed traditionally or with our Directed Remote Data Collection (DRDC) solution when access to the property is prevented. Accurate Group’s solutions provide timely, cost effective and accurate values for all loan types during this challenging time. Contact Accurate Group today to learn more and read our recent press release on the launch of our DRDC solution.