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Trade Group Working to Help Lenders Order Appraisals from Website.(Brief Article)
With AVMs changing expectations about how quickly lenders should get an assessment of a property's value, traditional appraisers are working to speed up their work as well.
The Appraisal Institute is partnering with Charter One Financial, Cleveland, to launch an Internet- based platform for ordering appraisals.
Once the platform is up and running - which could happen by the end of the first quarter - residential lenders will be able to order an appraisal online using any of AI's 18,000 members nationwide.
But Matt Sullivan, a consultant working on the project, notes that "AI Direct" (the working name of the platform), has no designs on being a money making business-to-business entity.
"The objective is not financial," said Mr. Sullivan, former director of government affairs for AI. "The idea is to drive business to members. We want to set up a place where they can meet."
He likened AI Direct to Homestore.com which carries Realtor listings on its website. Homestore, however, is publicly-traded and shows no signs of earning money any time soon.
Mr. Sullivan noted that the AI Direct platform, which was built by FNC (FNC Financial Neural Computing) Inc., Oxford, Miss., could debut now but that there are some ...
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