A byline authored by Clint Cornett, ValuTrac’s CEO, appeared in the August 2013 edition of Credit Union Business, titled, “Successfully Implementing a New Appraisal Management System.” For this byline, Mr. Cornett uses a case study approach to outline the proactive steps credit unions, or for that matter community banks and mortgage bankers, need to consider in order to implement a successful appraisal management system.
In this byline, Mr. Cornett details the “seamless” process that Coastal Federal Union, a member-owned, non-profit financial cooperative, underwent to quickly and affordably implement a new appraisal system to increase productivity and efficiency as well as meet the constantly evolving compliance and regulatory standards.
According to Clint Cornett:
“Implementing a new technology solution of any kind requires a great deal of effort in order to be successful. Appraisal management systems are more complicated because you must remain compliant before, during, and after the project implementation process. Having a clear definition of the problem requiring attention, executive support, teamwork, precise planning, clear and constant communication, and vendor support are all essential components for meeting the exacting demands of such a critical technology implementation project.”
According to Arlene Babwah, Manager of Risk at Coastal Federal Union:
“After only one year of having ValuTrac software in place, the results have exceeded Coastal’s expectations. We needed to quickly and cost-effectively become compliant with regulatory obligations. ValuTrac’s technology allowed us to achieve that, plus a great deal more. Yes, we are compliant. Yes, the cost-structure is very, very competitive. But beyond that, we are more productive and efficient in our management of the appraisal process. We are prepared for higher loan volumes and to respond to any management or auditor requests for information.”
ValuTrac offers the most flexible, scalable and customizable appraisal management solution on the market for both residential and commercial appraisal management and is being used by appraisal management companies, banks, credit unions and mortgage lenders.