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Special Reports
AVM/Appraisals/BPOs
RealEC Launches Rules-Based Solution
By Anthony Garritano
SANTA ANA, CA -- RealEC Technologies here has expanded its appraisal product offerings
to include a rules-based platform that will allow the lender to both customize and automate the appraisal process
according to its own unique business rules.
"We've developed a suite of tools and components to automate the collateral
assessment process," said Jason Nadeau, president and chief information officer for RealEC.
"Through our electronic partner network we have connections to AVMs and appraisers.
Also, we added a whole new layer to our SolutionSelect offering to give the lender the full-blown capability to
automate the valuation process," he noted.
Essentially it's a rules-based system whereby the lender can program rules into
the system so it knows what type of product to order based on the loan without the lender having to enter that
information manually, according to Mr. Nadeau.
"In other words, if loan A fits this criteria the lender may want to start
with an AVM and cascade the various appraisal and appraisal hybrid products from there," he said.
"On loan B maybe the lender just wants an AVM because it's a lower-risk loan.
So, the lender can cascade a number of products and write appraisal review code not only to make sure that the
right products are ordered and processed based on a given loan but that the right information is returned based
on the lender's business rules."
From that point the system also includes a module that will do a self check. "Specifically,
after the data quality is reviewed only the needed information of that particular lender is sent automatically
into a work queue or directly into their LOS," Mr. Nadeau reported.
Integration to the actual LOS is done by RealEC to allow for a one-click system
that will connect to the company's website.
"This system allows the lender the ability to press a single button in their
LOS to send out a signal to order the said product based on these pre-configured rules, evaluate the data returned
to determine if the needed data required from that lender to support the loan has been returned and send that data
back to the LOS," said Mr. Nadeau.
In addition, the application has a way of transmitting if the needed data simply
cant be returned. "If there are problems whereby the right data cannot be returned that information is also
transferred into the queue or LOS with an explanation of why the appropriate data was not returned," explained
Mr. Nadeau. "If the lender wants to avoid this step they can even write more detailed rules such that if the
needed data is not required do such and such from there and order an additional AVM, review product or fraud tool,
for example."
The system also has analytic tools built in to help the lender evaluate their
own system for cost and efficiency. "The system can also be used to evaluate the process because all the data
about turn times, data accuracy, etc., is stored in the system," pointed out Mr. Nadeau.
"Risk management is done off-line usually," he continued. "We can
actually mine data to show the lender that, for example, this appraiser always returns a good report within two
days.
"So, this system allows for true centralized data mining and analysis as
well," he concluded.
In order for a lender to get started rules can be written directly in RealEC's
website manually or through an integration to the LOS. RealEC also just formed an alliance with an invoicing company
to allow every party to invoice online and electronically pay for products online as well.
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