Commercial real estate lenders are getting what they’ve been asking for: the first-ever integration of a bank appraisal management platform with the most dominant appraisal software solution used by appraisers. The integration of ExactBid’s Real Estate Information Management System (RIMS), handles 40 percent of the industry’s appraisals, and Narrative1, used by approximately 2,500 appraisers, signals a long-overdue restructuring of commercial real estate lenders’ due diligence processes into a uniform, transparent framework. Some of the country’s largest banks—several over $300 billion in total assets—have been early testers of the platform integration concept. These early testers have reported impressive gains in efficiencies, indicating 30- to 45-minute time savings per appraisal for appraisal review.
The simplification of due diligence processes puts both lenders and appraisers in better positions to compete in an industry known for its intricacy. “Integrating the platforms into a simple, efficient solution in a competitive and complex market provides benefits for all participants,” says ExactBid CEO Matt Cotter. “The integration is a much-needed innovation in the face of increasing complexity and greater friction in the marketplace, which are the result of non-standardized processes in play today.”
Historically, the commercial real estate industry has managed with extremely unstructured and manual due diligence processes. “Commercial lenders and appraisers have operated in a fragmented community in which no one data standard emerged. Because of this, vendors and appraisers regularly encounter data quality errors and incomplete information,” says Cotter.
“Regardless of the direction of the commercial real estate market, both banks and appraisers will be continually pushed to do more with less,” he says. “The integration of all aspects of the appraisal management process makes that possible.”
ExactBid, www.exactbid.com, combines the powers of two appraisal management software solutions to streamline complex due diligence processes for both residential and commercial real estate clients. RIMS software focuses on lenders’ due diligence needs, while Narrative1 specializes in time-saving solutions for real estate vendors. Using market leading software and years of experience in the residential and commercial industry, ExactBid empowers customers to improve their businesses.