Incenter Appraisal Management has debuted its RemoteVal technology – a tool designed to empower appraisers to complete thorough, compliant appraisal inspections without ever leaving their desks.
Using RemoteVal, the appraiser takes control of the homeowner’s smartphone camera, and then snaps geographically verified, time-stamped images and closeups while directing the individual from room to room. In addition to photos, the appraiser can remotely capture gross living area measurements.
RemoteVal has a built-in digital measuring tape, which incorporates 3D environment scanning technologies. These technologies prevent “selective editing,” and transcription errors, helping to ensure the integrity of the data appraisers will use for their final reports.
“We’re excited to launch this solution at a time when strong homebuyer demand and an impacted appraiser population are putting new pressures on profits, costs and service for the whole mortgage industry,” says Mark Walser, president of Incenter Appraisal Management. “RemoteVal creates a whole new class of appraiser-centric inspection technology that shortens the process while meeting the stringent accuracy guidelines that appraisers must follow. We believe that in time, it will become the de facto standard for how remote appraisals are done and move the industry even closer to the realization of the digital mortgage process.”
RemoteVal has important implications for the ability of appraisers to conduct inspections even in situations where pandemic, hazard, natural disaster, safety and area lockdown concerns are present. In conditions like these, appraisers can still perform their inspection safely for both themselves and the individual at the property, enabling velocity in critical times.
Other applications for RemoteVal include disaster inspections, insurance inspections, home equity loans, default servicing and more.
“RemoteVal is the next step in the evolution of appraisal technology, moving beyond the hybrid model,” adds Joshua Walitt, a compliance consultant for Walitt Solutions. “Its replication of the traditional physical inspection process is what makes it so valuable. It allows lenders and underwriters to have as much confidence in appraisers’ methods and conclusions as they would if these professionals did a physical walkthrough. The technology can also help appraisers increase their earning potential by handling a higher volume of appraisals, while still delivering results that are credible.”