Equal Housing Lender NMLS #53112 For current licenses, visit www.nmlsconsumeraccess.com.
GA License #43209. JMAC Lending, Inc., 2510 Red Hill Ave., Santa Ana, CA 92705.
For business customers only. Not for consumer use.
844.888.JMAC | iwant@JMACLending.com
Daily Rates via email: JMACLending.com/rate-sheets/
WE FACILITATE SUCCESS
At JMAC Lending, we’ve been facilitating success for our wholesale and correspondent
partners for the past 20 years. Offering ease of onboarding, direct access to lending
experts and a lineup of the industry’s most innovative products & technology, we provide
you with the Perfect Lending Platform. Come ride the new wave of lending today.
Speeding up appraisals
Although Rocket Mortgage can digitally verify a property appraisal quickly,
performing appraisals quickly enough
to meet borrower demand has been a
big issue over the past few years. Enter
Valuation Express from United States
Appraisals (USA), a new solution that
has been introduced to the residential
USA has adopted “Point. Click. Value.”
as the Valuation Express battle cry,
hoping to achieve for the residential
appraisal process what Rocket Mortgage has done for obtaining a mortgage loan. The goal of Valuation
Express is virtually the same as that of
the Rocket Mortgage — to turn out a
transparent and compliant product
of the highest quality at the highest
speed through an all-digital process
that eliminates paperwork.
Valuation Express is powered by
search-engine technology that greatly
speeds turn times. It uses a “Smart
Selection” process to make assignments to top appraisers in the highest-volume markets. The solution offers
prearranged inspection times and
real-time messaging to streamline
the process. A cloud-based platform
performs a thorough analysis of every
appraisal against a set of 2,000 data
points, after which the report is verified
and any problems are addressed.
The mortgage industry has spent
years in the slow lane, but innovations
like Valuation Express, Rocket Mortgage and applying blockchain technology to mortgage documentation
are answering the industry’s newfound
need for speed. The word “speed,”
interestingly enough, is derived from
an Old English term that means success. This should come as no surprise
to today’s mortgage originators, who
know that the saying, “the faster, the
better” really means, “the faster, the
more successful.” ■
In fact, the Rocket Mortgage promise of an ultra-quick and overall simpler
mortgage loan process that eliminates
paperwork seems to have struck a chord
with would-be homebuyers seeking to
increase the speed at which they can
qualify for a mortgage loan. Out of the
$96 billion in loans that Quicken closed
in 2016, $7 billion were closed through
Rocket Mortgage, according to Quicken.
That $7 billion would rank Rocket
Mortgage itself in the top 30 of all U.S.
Quicken attributes much of Rocket
Mortgage’s 2016 volume to first-time
homebuyers, largely composed of the
millennial demographic that is universally believed to be the key to the future
of homeownership growth in America.
Regis Hadiaris, senior product man-
ager with Quicken Loans, noted earlier
this year that Rocket Mortgage has been
popular among all demographics as well.
He stated that consumers “expect technology to service their demands and
simplify their lives, whether it’s shopping, dating, arranging an Uber, trading
sneakers or even a complex infrequent
transaction such as a home loan.”
<< Life continued from Page 106 “Performing appraisals quickly enough to meet
borrower demand has been a big issue over the
past few years.”