One reverse mortgage appraisal management system is making way to “the cloud,” via a Salesforce.com-based (NYSE:CRM) platform officially rolled out this week.
The new system, “Cloud Control,” was launched by Rockville, Maryland-based Coester Appraisal Group and will be available free of charge to Coester customers and non-customers. It allows users to customize management of the appraisal cycle while aligning with government specified data formats.
“As an AMC, we had tried most of the appraisal management software on the market and we couldn’t find one with anywhere near the customizability we need, so we built Cloud Control,” said Brian Coester, CEO of Coester Appraisal Group. “Cloud Control can be configured to do virtually anything you want—all the way down to the actual user level.”
For reverse mortgage lenders, it could mean eliminating several phone calls between the loan officer and the borrower, during the scheduling process, Coester told RMD.
“Sometimes, the loan officer has to go back and forth to schedule with the borrower,” he says. “This system allows you to preschedule the appointment.”
Depending on the type of reverse mortgage lender, whether a call center or broker-based operation, the platform allows users to change the system as they see fit.
It also allows the AMC to verify appraiser licensing and certification, and store and upload appraisal data in the format accepted by the Federal Housing Administration. The goal, Coester says, is for the cloud-based software to help lenders grow their business in addition to helping improve appraisal management.
“To me, comparing Cloud Control to other appraisal management technologies is like comparing iTunes to a cassette tape,” says Coester. “Sure you can choose the music to put on a cassette, but that tape is no match for what iTunes can do.”
Written by Elizabeth Ecker