While there are plenty of appraisal order management systems available today within the residential mortgage and appraisal industry, the process remains inefficient. Rather than building a new appraisal order management system, we set out to radically transform the appraisal process – with the long-term goal of shifting the mindset of an entire industry that has seen little to no change in decades.
Hundreds of millions have been spent on technology to manage processes that were broken, to begin with – causing the industry to never achieve the intended goal of creating efficiency and reducing risk. Lenders and appraisal management companies (AMCs) have become so numb to market inefficiency that they look at defect rates for the products they’re paying for and accept a 25-35% defect rate as normal. Our team saw an opportunity and spent the last few years analyzing data and answering questions the industry doesn’t teach participants to normally ask. We live in an economy where data is highly valued. However, collecting that data is – again – inefficient, and even if you could collect all the data, would you know how to interpret it?
Our system has analyzed over 1 million appraisal orders since we started this journey in 2017. The data associated with each appraisal order has driven and developed our platform into an automated ecosystem for all users through the integration of data, analytics, and machine learning from varying sources to make the process SMARTER. We have taken a reactionary process and transformed it into a proactive business model.
In our efforts to revolutionize the appraisal industry, through the use of data and analytics in a user-friendly way, we’ve not only identified the inefficiencies in the process, but we’re dedicated to eliminating them. Because the secret that everyone knows, but no one wants to admit is – they’re the same inefficiencies all your competitors face, too.
The network of lenders, AMCs, and appraisers that do business within our platform’s proactive business model capitalize on greater efficiencies than the industry has seen in decades. It took bringing all the industry and client data into a single-use platform, followed by a shift in our own vision as a company, to rebuild an unconventional process around automation – instead of building automation around an inefficient process. From there, figuring out that customization isn’t always best or worth more.
AppraisalVision is a digital platform built from the ground up by industry and data experts to bring clients, not the most familiar, but the best and most efficient user experience possible. By implementing our platform within your current system, we help provide transparency into the reality of your business. Our mission is to reinvent the home appraisal process by offering our clients innovative technology and a suite of alternative valuation products that reduce the time, cost, and risk for residential appraisal industry stakeholders.
Meet Founder & CEO, Jim Cutillo
AppraisalVision started as a passion project to change the mindset of an industry by applying data, analytics, and machine learning to the process. Today, our years of analysis have led to game-changing software for the future of the industry that is now available today.
Today, it costs more and takes longer to get a mortgage than it did in 2005 when I founded Stonegate Mortgage Corporation. This is crazy when you think about the amount of time and money invested by companies in mortgage technology over the past 15 years. We grew Stonegate from one employee to over 3,000 employees, $300 million in revenue, and successfully executed an initial public stock offering in 2013. This experience gave me unprecedented visibility into the challenges associated with the appraisal process and implementing technology that will truly transform an industry.
To do this, you must change the model. To change a business model, you must build technology that enables the change. When I decided to start AppraisalVision, I wanted to address the challenges and inefficiencies associated with the appraisal process. A lot of which lies around the management of third-party vendors and the need for modernization and alternative valuation products.
We are continuously innovating and improving the product through expanding the capabilities of our technology, and our team is constantly focusing on how to be even better for the future. Optimizing our platform for the success and ease of our network is our top priority. We always appreciate feedback from our clients and encourage suggestions on how to make our products even better.