ORLANDO, Fla., May 25, 2021 — Avanze Tech Labs, a leading digital mortgage technology provider, today announced a strategic alliance with Valligent Technologies, a leader in appraisal and auditing solutions, to offer Appraisal Underwriting as a Service (AUaaS) and expedite loan review for mortgage lenders.
The technology partnership brings the latest offerings in AUaaS to the market, empowering lenders to review loans much faster and to reduce backlogs in underwriting. Mortgage loan underwriting is a critical and time-sensitive process, and underwriters today are investing an increasing amount of time in investigating and thoroughly reviewing various aspects of the loan application, including credit, assets, income and collateral.
“We are thrilled to partner with Valligent to support our current and future mortgage clients. We believe there is much innovation and work to be done to improve the way of doing business today,” said Vinod Kainikat, co-founder and chief operating officer of Avanze Group, parent of Avanze Tech Labs. “Even as the origination volume reduces, there are still loan modifications for appraisal reviews or alternative appraisal products that require this specific expertise.”
The AUaaS offering allows lenders to leverage the expertise of a highly experienced appraisal review specialist to thoroughly review and quickly underwrite collateral and appraisal by providing an in-depth understanding of an appraisal report. This meticulous review process uncovers underlying issues with properties, such as overvaluation, potential fraud and inconsistencies with investor guidelines while the in-house underwriter can focus on underwriting credit, assets and income aspects and documents. AUaaS improves underwriters’ efficiency while ensuring high quality and compliance of appraisal underwriting while reducing overall cycle time.
“This proven appraisal underwriting service is notably timely with the current high cost and shortage of experienced underwriters, especially those with expertise in complex-high risk appraisal review,” said Jeremy McCarty, CEO of Valligent Technologies. “The ease of ad hoc AUaaS ordering through Avanze creates an even more seamless loan funding or audit workflow.”
Appraisal underwriting is a critical step in the loan underwriting process, and leveraging Avanze and Valligent teams’ expertise to carve out this step improves process efficacy, drives the cost of production and speeds up the underwriting decisioning process. Corrections to appraisals cause long delays in the loan process, and the AUaaS partnership addresses these early in the process, benefiting the final decisioning of the loan for lenders.
Avanze offers “comprehensive” and “customized component” solutions for the mortgage industry with analytics and compliance, supported by domestic, offshore and hybrid delivery models – primarily focused on providing intelligent digital products and services for origination, title & settlement, post-closing, valuation, and servicing business. Founded by entrepreneurs with rich experience in business management, the firm is built on thought leadership and innovation. We believe in a collaborative approach to provide transformational solutions firmly grounded on creativity, technology implementation, and strategic partnership. Avanze complies with industry-best information security practices and is SOC 2 Type II, ISO 27001 & ISO 9001 certified organization. For more information please visit: www.avanzegroup.com.
About Valligent Technologies
Founded in 2003 and headquartered in Roseville, California Valligent established itself as a leader in appraisal, alternative valuation, QC and Regulatory Audit solutions. Utilizing a combination of experienced appraisal personnel, automation, Artificial Intelligence, powerful functionality and mobile technology, Valligent is dedicated to making the appraisal process simple and efficient for everyone involved. Valligent provides comprehensive valuation technology expertise and services to hundreds of banks, credit unions, mortgage lenders and insurance companies nationally. We have developed a state-of-the-art valuation technology platform, fully integrated with best-in-class data providers, Loan Origination Systems (LOS) and on-demand cloud computing platforms and API providers.
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