We recently sat down with Cari Burris, Co-‐Founder & Director of Operations at Nationwide Appraisal Network, (NAN), to discuss the current state of the Appraisal industry. During the interview we address questions that many need answers to, such as the way appraisal management companies and lenders will need to change in order to effectively manage the quality of data through the development of Collateral Underwriter™ and how these changes will impact the industry.
If you have not heard of Cari Burris, then you will soon. She is one of the founding partners of NAN-‐ an industry leader in appraisal management, providing a unique approach to appraisal management through customization, innovation, and quality. Her main focus is the success of the operations at NAN. Her leadership and dedication to the organization is believed to be what sets Nationwide Appraisal Network apart from many of its competitors. Ms. Burris is transforming the AMC landscape by contributing to the implementation of a more technologically efficient solution for vendors and clients alike, and by analyzing data to ensure efficiency levels are met and improving, communicating goals to every department within the organization, making NAN the best possible appraisal management company in the business.
Ms. Burris, tell us why you believe Fannie Mae CU™ is necessary in appraisal management?
Ms. Burris states…
“Fannie Mae has made significant changes to the way appraisal management companies and lenders manage data quality through the development of Collateral Underwriter™. NAN embraces Fannie Mae CU™ and I am personally excited about the changes. NAN attended every training session conducted by Fannie Mae, which were very helpful and informative. NAN has conducted entire staff meetings on the subject and is confident that the team has a clear understanding of what will be expected.”
“The industry is constantly evolving. With evolution comes technology. Historically, there has been a huge void in accurately recording and capturing data due to the lack of technology and one universal portal for accurate data management. Fannie Mae CU™ is exactly what our industry needed. I believe Fannie Mae CU™ will enhance the quality of deliveries much needed in the AMC arena. There are so many AVM and review companies out there so it’s a big plus that the initiative is coming directly from Fannie Mae at no cost. There has been no previous standardization so this is a step in the right direction.”
She goes on to say…
“Through Fannie Mae CU™ NAN will be able to hold accurate data that was not possible to manage in the past. For example, Fannie Mae stated they process over 20,000 CU reports per day and to date have processed over 20 million. Comp transactions are seen an average of 5 times, so the automated system will be able to more accurately verify data integrity by comparing to the appraisers prior work and their peers work. NAN has been training and adjusting its policies to accommodate this new release effective January 26, 2015. The company is ready for Collateral Underwriter™ and looking forward to the benefits it will bring to the appraisal industry. Of course, as with any new process and implementation or roll out, issues can be expected. NAN prefers to call these “opportunities” rather than issues. Opportunity to learn something new, to develop new processes that help clients and lower risk-‐scores. NAN plans on being 100% transparent with the ability to accurately measure in-‐house efficiencies via rigorous due diligence. Reviews should be completed prior to upload so all issues can be resolved beforehand. NAN is very optimistic and learning with the industry as it moves forward with the new process.”
NAN recently released an informative whitepaper that illustrates how the company will further streamline the process, reduce risk and improve the overall user experience. It provides clients specific details and exhibits helpful screenshots of the software that is fully integrated with UCPD and includes an infographic that visually depicts the process.
Ms. Burris added…
“NAN has webinars scheduled starting March around the subject more focused on post release allowing data to be collected and reviewed so they can address any issues that might have surfaced during launch, assisting clients with better accessibility, usability and functionality. NAN is currently pooling questions that clients are asking and they will be compiled and addressed in the form of a Q&A session during the March webinar. These will be tweaked with appropriate answers as they unfold. Proactively, NAN has trained its staff, adjusted its policies and readied itself for the new release so that the transition would be as smooth as possible. If NAN is already your delivery agent, you need not worry about any changes to UCDP. It has updated its technology with new SSR certificates, including the built-‐in “Hard Stops” for ultimate quality and protection. ”
We asked a few other questions: Is NAN planning to address TILA/RESPA changes scheduled to take effect this August and what is your outlook on 2015?
Ms. Burris states…
“With all the changes affecting the appraisal industry, TILA/RESPA, CU™, NAN has prepared to release some really exciting news by second quarter of 2015. These changes are going to be an industry game changer so we are preparing to mold procedures around enhancements that focus on quality and technology designed to lower risk and better protect our clients, as well as, our company. With everything going on in the AMC industry, including Dodd Frank and CFPB initiatives, NAN witnessed the entire world of appraisals turned upside down. NAN wants to ensure that all partners are trained and informed. NAN is confident the changes will have a positive impact in industry and improve the quality of data, improving client relations and exceeding industry expectations. I would like to talk more about our new technology but I don’t think we are ready quite yet to discuss that in detail. It is important to realize though that nothing is ever set in stone. NAN is constantly informed on changes that occur in the industry. It is important that the company remain one step ahead of the game evolving with industry to ensure that it is providing the best possible solutions for clients and vendors alike.”
OK, let’s talk a bit about NAN’s people…
Cari goes on to say…
“2015 is so far turning out to be the year of change and growth, especially in the AMC arena. At NAN, our success depends heavily on our people. They are the strength of the company. NAN’s culture is founded on the “collective” of great people, committed to believing and achieving. They enable, energize and enhance the company, fostering ongoing high levels of performance. Our team is definitely prepared. NAN has an open communication policy and we hold regular meetings with the entire staff. The philosophy is centered on educating and informing our team on as much relevant information available.”
Lastly, what about NAN’s position in the marketplace and future goals?
Her quick statement was… “Expansion! The company has been extremely successful over the last few years. NAN has invested a great deal into technology and the company as a whole, paying close attention to client needs. NAN’s reputation gets better and better every single year. We have set out to make a name for ourselves and uphold an honest and good reputation. NAN is staying connected to industry evolution. We want to be recognized as the company who grows and adapts to our ever-‐changing industry with ease all while remaining a resource to our vendors and lender clients. A company that is not afraid of change, but rather embraces it while moving full speed ahead. We want to be considered by all banks, credit unions, and lenders who value the services we provide and who want to grow and succeed due to NAN achieving the goals we have set forth this year.”
ABOUT NATIONWIDE APPRAISAL NETWORK-‐ NAN is an industry leader in appraisal management, providing a unique approach to appraisal management through customization, innovation, and quality. NAN website – 888.760.8899