Appraisal Firewall Enhancements Scheduled for
Friday Morning, Nov. 8th, 2019
Release Information for Managers

Starting Friday morning, November 8th, 2019, a new version of Appraisal Firewall will be available for you, your clients and your appraisers.  This release includes Verisite mobile property inspection updates and Appraisal Scorecard enhancements for you and your clients, plus a streamlined Conditional Acceptance process for your appraisers, and lots more.  Read on for complete information.

Manager and Lender Enhancements

New Data Available in Verisite Reports Provide Better Decisioning on Property Inspections
We are excited to provide you and your clients with more data in the Verisite mobile property inspection reports!  Nearby property sales information is now automatically included with the Verisite Collateral Data and Verisite Plus reports.  Currently, the Verisite Collateral Data and Verisite Plus reports include Area Sales – which reports on a large area.  The new addition of the Nearby Sales data reports on a smaller, more localized area, providing more concise Comp data and complementing the Area Sales data. Now your clients can get a more accurate picture of the subject property with area and nearby home sale information.

How to use this feature:
There is nothing needed to get this additional data: it will automatically be included on Verisite reports. To view it, simply order a Verisite Collateral Data or Verisite Plus report: Nearby Sales data will be displayed directly below the Area Sales information in the same list format.

Learn more about the Verisite line of mobile property inspection tools here.
 
Investor Field Now Available on New Appraisal Order Screen
On new orders, lender users can now enter the name of the investment company that may be involved in the loan transaction.  Lenders usually know who the investor on the loan will be.  Providing this information up front will help guide QC and review processes to make sure the appraisal order follows investor guidelines. 
  • The Investor data point will also be available to include in custom management reports.
  • For the Encompass interface to Appraisal Firewall, Encompass is stating that they will be able to pass Investor information over to us with their 12/12/2019 Encompass LOS update.  Once their update is done, when Investor information is entered into Encompass, it will be passed into Appraisal Firewall along with the rest of the Encompass order data. 


How to use this feature:
When placing an order, all lender users will see a new Investor field in the loan section.  This is an optional field that, when populated, will be viewable on the appraisal order to all parties except appraisers.  The investor data is viewable on the Property Information tab, the Edit Detail screen, and also on the Print screen. 
 
Encompass Interface Update: Manual Reviewer Results Now Delivered to Encompass
Appraisal Firewall will now deliver manual review result documentation back into Encompass. For those of you that utilize the manual QC and review functionality to add more safety and soundness to appraisals, this helps make sure that all pertinent appraisal documentation is available to Officers and Processors using the Encompass LOS.  This is available now – we do not need to wait for an Encompass update to start delivering manual review results back to Encompass users.

How to use this feature:
When the manual review process is completed on an appraisal, most manual reviewers upload their findings and results in a PDF document to Appraisal Firewall. When the manual review results are available in Appraisal Firewall, and the Encompass user clicks the Retrieve option in their LOS, these attachments will now be sent to the Encompass user.  Any manual review attachments will be sent to the Appraisal bucket in the Encompass eFolder.

Appraisal Scorecard Auto-Review Enhancements

Resubmit Appraisals to Standalone Scorecard for Auto-Review
Because of the high-accuracy reviews coupled with the speed at which Scorecard returns results, many lenders are using the standalone Appraisal Scorecard auto-review to run QC on appraisals completed outside of Appraisal Firewall.  Some of those appraisals that are uploaded into Appraisal Firewall are PDF files that have difficulty converting to run through Scorecard.  If your clients use the standalone Scorecard and run into any PDF conversion issues, they can now resubmit another appraisal onto the same Scorecard order. 

How to use this feature:
When using the standalone Scorecard, if your clients experience a PDF Conversion error, they will see a new option available in the list of buttons at right called Resubmit Appraisal.  Clicking this option opens the Resubmit Appraisal tab.  Here, users can click the +Appraisal button to upload another appraisal report to Scorecard for resubmission.  Once the file uploads properly, click the Submit button to run the appraisal through Appraisal Scorecard to get your auto-review results.

Want more info on the standalone Appraisal Scorecard?  Click Here.
 
Edit Details Now Available on Standalone Scorecard Orders
In the same vein as the aforementioned update, standalone Scorecard users can now modify data on existing orders – without having to place a brand-new order. This will be helpful in cases where there are type-os or other edits that need to be made to the order.

How to use this feature:
After a standalone Scorecard order has been placed, if any property/borrower/loan details need to be edited, users can move to the Property Information tab and click the Edit Details button.  Information can then be modified and saved as needed.  All edited information will then be tracked in the Communications Log.

Appraiser Enhancements

Expedite Accepting New Orders with Conditions
When appraisers go to accept a new order, a new feature is available: Accept with Conditions.  Utilizing this feature will take appraisers directly to the acceptance screen with the fees and date required sections already in an editable mode.  Your appraisers won’t need to select the Edit button in either section to enter conditions any longer! Once an appraiser enters their conditions, the acceptance process remains the same. Please note, this new feature will only be available for those orders placed by lenders that allow conditional acceptance.

How to use this feature:
Within the property information tab of a new order, appraisers can select Accept with Conditions. They will be directed to the acceptance screen with the fee and date required sections already in edit mode. The acceptance process remains the same. Enter the desired fee and/or date required, and select the Accept button at the bottom of the screen. Continued verification of the conditions will still be required.
 
New Ability to Upload Signed Engagement Terms for Commercial Properties
The days of returning the signed engagement terms to lenders outside Appraisal Firewall are gone! This feature allows appraisers to keep all the documents required with the order in one place. Once a commercial appraiser is awarded the winning bid on a commercial order, they can upload the lender’s signed engagement letter at any time after they have accepted the order.

How to use this feature:
From the Communications tab, a new button is available: Upload Signed Terms. Click this button to upload the signed engagement letter as provided by the lender. Appraisers can select the green Engagement Terms button or drag the file to the indicated location. Once the file has been uploaded, select the Save button at the bottom of the screen. This document will be delivered back through the system directly to the client. Appraisers will know the document has been submitted successfully when they are routed back to the Communications Log. At any stage of the order process, pre- or post-delivery, appraisers can upload the signed terms.