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Online Appraisals
Complement E-mortgages
 The
proliferation of home computers and online capabilities in our society
has grown to the point where most people who have the financial
resources to even consider buying a home, or refinancing the one they
presently own, already have a computer at home connected to the
Internet.
People can pay all kinds of bills online now, including those for
utilities, credit cards and insurance. Almost 35 million people are
expected to be banking online by 2005. Therefore, it's natural to expect
the electronic home-loan process to gain popularity.
Efficiency and cost savings
make e-mortgages attractive to a lender. The process of electronic
lending allows data to be shared among a variety of systems, resulting
in considerable savings of time and money.
A survey, conducted by
Bankrate.com, found online mortgages to be more popular with those
refinancing a home-load rather than those borrowing to buy one. Since
that survey, mortgage rates have dropped sharply and a boom in
refinancing has resulted. This should lead to more e-mortgages. Also,
the younger and more computer-literate the borrower is, the more likely
that person will be shopping for a mortgage online.
Whether mortgages are handled
over the Internet or in person, an online appraisal decreases turnaround
and improves convenience to the lender. Appraisals delivered online from
an ELLIOTT® office are transmitted and remain in a secure environment
until received by the client. "The e-loan and e-appraisal evolution has
been simmering for the past few years. Not everyone has been ready -
borrowers, lenders and appraisers all included," states Charlie Elliott,
President of ELLIOTT® & Company Appraisers. "We believe that today the
pot is ready to boil as all of the parties seem to have made their
preparation. ELLIOTT® & Company Appraisers is committed to supporting
online lenders, whether they are making e-loans or simply receiving our
appraisals online. In addition to shipping appraisals via e-mail, we
also accept the orders via e-mail and prefer communication with lenders,
when practical via e-mail."
Computer Whiz
Wayne Pugh
Visits Appraisal Conference
 In order
to keep its appraisers versed on the latest in technology, ELLIOTT® &
Company Appraisers had nationally known appraisal software expert Wayne
Pugh, SRPA, CRE, as guest speaker of its Fall Appraisal Conference in
Asheville, N.C.
Pugh, who has a
degree in real estate finance from Louisiana State University, developed
the software that is used by all ELLIOTT® & Company Appraisers offices.
He's been
interested in computers since the mid-1970s, when these machines were
priced in the $30,000 range.
"We built some
software to work on those old machines," he remembered. "We benefited
substantially by using a word processor as opposed to handwriting the
appraisals, and then typing them."
The appraisal
business has since been dramatically influenced by the onset of the
Computer Age, and ELLIOTT® & Company Appraisers is committed to
remaining at the forefront of this progress.
"The changes in
technology are allowing lenders to reduce the time it takes to complete
and process a loan," Pugh said. "It takes just a few days now, making it
more difficult for the borrower to move from one lender to another.
Loans are closed out before the borrowers have time to change their
minds, causing appraisers to have to perform much faster than they have
in years past."
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