AIMS 4.2 Unifies Appraiser and Lending Communities
AIMS 4.2 features offer real estate appraisers the opportunity to differentiate themselves from the other 110,000 active appraisers across the country, and show as a match to the specific experience and expertise needed for a subject property. The Appraisal Independence Management System (AIMS) update includes a wider variety of appraiser profile characteristics and select appraiser competencies lenders can filter through to find the perfect appraisal partner while staying compliant with the latest Appraisal Independence regulations.
Chapel Hill, N.C., October 2, 2009 – AIMSdashboard today announced the release of AIMS 4.2, offering appraisers additional profile attributes and capturing additional criteria for lenders. Realizing the importance of collateral valuation variables, AIMS helps appraisers demonstrate competencies and knowledge matching the distinct characteristics of subject properties. Highlighted features introduced in 4.2 include:
- Expanded Property Specializations
- Lender/Appraiser Communication Channel Specification
- Professional Associations, Designations, and Leadership
- Audited Appraiser Profile Management
“Lenders who specialize in high-end properties will be able to select appraisers who are experienced in Estate and Mansion collateral valuations,” AIMSdashboard President Chris Williams said, “just as well as lenders who originate government loans can select an appraiser who is approved to appraise properties within program guidelines.” The property specializations help appraisers highlight specializations or areas of expertise when properties hold special characteristics. Lenders who tap the appraisers possessing the expertise and market knowledge for each subject property realize higher quality appraisals and lower underwriting costs.
On the appraiser side of the formula, logic would hold that appraisers would prefer to build their expertise in the local market along as many competitive vectors as they can. Doing so keeps the appraiser busy within the local market and perpetuates local market competency. Even the lower cost appraiser would prefer to keep costs low and avoid unnecessary long distance appraisals.
Exercising quantifiable areas of expertise, beyond simple geographic competence, will further reduce the potential for appraisal assignments falling outside of an appraiser’s competency.
Having already solved the problem of geographic competency, AIMSdashboard intensifies the lender’s ability to find geographically competent appraisers with specific local market knowledge about the subject properties securing their loans. AIMS 4.2 promotes greater engagement with the appraiser community, and also builds the foundation for the greater cross-community communication.
About AIMSdashboard
AIMSdashboard runs an online appraisal independence management system, AIMS, enabling mortgage lenders to achieve independent collateral valuations while maintaining business controls and direct relationships with appraisers. Lenders use AIMS as a collateral valuation workflow framework to: 1) comply with appraisal independence standards across their internal and business partner operations; and 2) automate and document the enforcement of lenders’ policies. AIMS strengthens appropriate direct professional relationships within the mortgage industry, such as those between appraisers and lenders, while it supports the development of high quality collateral valuations (appraisals) important to mortgage investors and borrowers alike.