Value Connect is offering its nationwide appraisal service through Filogix Mortgage Marketplace, and according to the appraisal company’s founder, the information contained in the mortgage applications will be automated.
“One of my biggest frustrations when I was a broker and I ordered an appraisal report to go through other systems is I had to re-enter the same information that was in a mortgage application, and if I made a typo that caused a delay in the order,” said Christopher Bisson. “Little things like not having to make a duplicate entry reduces keying errors and it makes everybody look better because now they can focus on doing the job once, correctly, on Filogix Expert and that flows through to other things.”
The platform was launched Monday, and as of Thursday afternoon 260 brokers had already contacted Value Connect through its Filogix platform.
“I think it’s because this is the first real integration of its kind with Finastra,” said Bisson. “No one else allows brokers to transfer as much information from a mortgage application to an appraisal order.”
Luca Mena, a mortgage agent with Oriana Financial Group of Canada, can attest to how quick and seamless ordering an appraisal is through Filogix.
“It’s so simple and it’s one of those things where I can’t believe it hasn’t been done before,” said Mena. “It speeds up the appraisal process because once you order an appraisal you go to a different website and input all the information all over again, then flip back and forth from screen to screen trying to find the mortgage number and purchase price, but with Filogix’s integration it’s mostly all right there. The only thing you input is contact information. With one click you’re in Value Connect’s portal and it autopopulates from Filogix.”
The fee is also guaranteed. Bisson, who brokered over $1 billion of mortgages over 17 years in Guelph, was often asked for more money from appraisal companies than he’d already quoted to his clients. Through its proprietary pricing algorithm, Value Connect’s appraisal fee is accurate—and if it isn’t, Value connect either refunds the money or assumes the additional cost.
“Since we launched that about three months ago, we haven’t had to do it once,” said Bisson. “Simply put, we promise never to change the fee for the report and to deliver it on time, as well as have it done by a local appraisal. If that doesn’t happen, we get another one done at our expense. Brokers love the peace of mind that brings them.”
MBN
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