SharperLending Updates Appraisal Firewall with Extended Control over Real Estate Appraisal Payments
Mortgage technology provider SharperLending LLC has enhanced its Appraisal Firewall platform with the ability for borrowers to securely pay for real estate appraisals via credit card. Lenders using Appraisal Firewall can now have borrower payment occur at the time the order is placed instead of aggregating the cost of the appraisal into closing costs, or paying for the appraisal themselves - then having the borrower pay the lender. Watch a video of the borrower payment process in Appraisal Firewall.
Appraisal Firewall is a secure, web-based technology solution for lenders to achieve management-level control and multi-department efficiency by enabling lenders to manage their own appraisal process and work with their trusted local appraisers and AMCs in one system. Appraisal Firewall helps lenders comply with all appraisal independence regulations, including Dodd-Frank, Interagency Appraisal and Evaluation Guidelines, internal and investor requirements, plus GSE requirements for lenders to submit UAD-compliant appraisals electronically to the UCDP.
"The new feature gives lenders' appraisal processes additional efficiency by allowing them to avoid carrying the receivable," says Dave Black, President and CEO of SharperLending, the company behind the Appraisal Firewall technology. "At the time the order is placed, the lender chooses to have the borrower pay for the appraisal. The borrower is then provided with a one-time, secure pass on behalf of the lender to the Appraisal Firewall system where they can provide payment information to the appraiser. As an added bonus, lenders can have the borrower pay for the appraisal, then choose to pay for any appraisal addendums or additional products themselves - to shield the borrower from any extra costs or surprises."
About SharperLending LLC
Headquartered in Spokane, Wash., SharperLending LLC was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the Internet. The company's proven technology has processed more than 500 million secure mortgage transactions. SharperLending has been processing appraisals since the late 1990s, with Appraisal Firewall breaking out of the company's settlement services technology into its own unique offering. SharperLending, LLC has three divisions under its corporate umbrella: SharperLending Mortgage Services Division, the mortgage services and Appraisal Firewall platforms; SharperLending Credit Division, technology for the credit reporting industry; and SharperLending Solutions, the loan origination product packaging division. For more information, watch the Appraisal Firewall YouTube video, call (800)452-1174, or visit www.SharperLending.com.
Matt Brannon, 800-452-1174