LRES recently launched an update to enable better communication and faster appraisals for correspondent lenders during the loan origination process.
LRES is an Orange County, Calif.-based provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries.
The enhancement to LRES’s client-vendor portals are intended to improve the user experience and serve a broader base of loan officers, designed to seamlessly connect correspondent lenders to multiple, qualified affiliated lending institutions in a more simplified process.
Re-tooling the portal-ordering platform caters to client specifications and service types — origination vs. default — when an affiliated lender places an appraisal order on behalf of a correspondent lender within the system.
“Through these enhancements to our technology, we are placing a greater focus on further improving the way correspondent lenders and their affiliated lending institutions interact during the origination of mortgage loans,” said LRES Founder and CEO Roger Beane in a written statement.
Additionally, LRES now also includes a “revision needed” status to flag any rejected appraisals for additional screening that may not otherwise be up to par with industry standards for Fannie Mae’s Collateral Underwriter.
Another new feature of the updated system is its automated auto-population of appraisal summary data within the vendor portal, which parses data from XML appraisal documents upon submission in efforts to avoid manual errors that arise when re-entering the information.
Additional upgrades to the client-vendor portals include newly accepted payment options when ordering an appraisal, such as e-checks.
Written by Jason Oliva