VanDyk Mortgage Streamlines Mortgage Appraisal Process Using ValueLink-Banner

VanDyk Mortgage Streamlines Mortgage Appraisal Process Using ValueLink

60 % Growth in Order Volume
80 % Reduction in Data Entry Errors
15 % Reduction in Manual Errors
60 % Vendor Panel Growth

VanDyk Mortgage Corporation was established in 1987 and is licensed in 43 states with 90+ brand offices nationwide. The Company offers mortgage loans, selling mortgage loans to permanent investors, and servicing loans. They chose ValueLink Software as their valuation management solution in 2021.

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The Challenge

The past couple of years have witnessed a record number of mortgage transactions with rates hovering at record lows. While business was witnessing significant growth, the appraisal process continued to be a major bottleneck in the closing process for all lenders, including VanDyk Mortgage.

On their legacy valuation management platform, VanDyk Mortgage had limited automation and could not tailor the appraisal ordering process as per their requirements. A lot of manual steps had to be performed by the processing teams to save appraisal documents in the correct folders and copying appraisal information into their loan files.

Their old platform had limitations across the entire appraisal ordering process and required a lot more manual input from users, increasing touchpoints and thus slowing down the entire valuation process. Limited reporting functionality meant VanDyk was unable to analyze the performance of their vendors and identify the high performers.

Why ValueLink Software?

Till 2021, VanDyk had worked with multiple valuation solution providers but were not satisfied as those platforms lacked automation, visibility and reporting tools to make their valuation management process streamlined and efficient.

They decided to switch platforms and partner with ValueLink, which provided them a tightly knit integration with the Encompass LOS and enabled them to achieve a high level of automation, simplified vendor management by utilizing their next-gen PartnerConnect APIs. The integration was built from the ground up keeping in mind years of experience working with lenders using Encompass.

These factors convinced VanDyk to partner with ValueLink Software:

Single Sign-On

Complete Visibility

Automation Across the Board

Automated Document Mapping

Automated Loan Field Mapping

Vendor Panel Management

Reporting and Analytics

Solution to Challenge

The ValueLink team worked closely with the ICE Mortgage team to develop an advanced and seamless integration with the Encompass LOS, by utilizing their next-gen PartnerConnect APIs. The integration was built from the ground up keeping in mind years of experience working with lenders using Encompass.

The close collaboration with the ICE Mortgage team meant that ValueLink was able to tailor the integration for our lender customers’ requirements in a modern and user-friendly interface that took full advantage of the functionality available in the PartnerConnect APIs.

Solving the problem was a top priority for VanDyk because with increasing volumes they needed a more robust platform to efficiently manage valuations and reduce turn times. With the switch to ValueLink Direct, the platform has been extremely well received and VanDyk Mortgage is already seeing efficiencies across the board.

Automate Their Entire Valuation Process

ValueLink’s deep and streamlined integration with the Encompass LOS utilizes the latest Encompass PartnerConnect APIs. The integration allows lenders to order services faster, have a richer user experience, and receive completed reports and data back into Encompass automatically. The automation that became possible with this integration was the deciding factor for VanDyk Mortgage. After a successful pilot, the solution was rolled out to all loan teams across VanDyk Mortgage. This has resulted in less friction for users and the ability to stay in Encompass for all valuation orders while staying compliant.

ValueLink automated the entire valuation process, from order creation to report delivery, for VanDyk Mortgage. Through ValueLink’s integration with Encompass LOS PartnerConnect APIs, VanDyk users can order appraisals with a few clicks, have complete visibility, automate the entire order process, map documents to the E-folder, loan field mapping, efficient vendor panel management, reporting, and analytics.

Single Sign-on

VanDyk users use the same credentials to log into Encompass and place and manage their appraisal orders. The entire ordering process is seamless with minimal distractions for Loan Officers and Processors.

Complete Visibility

The VanDyk team now gets full visibility on their orders from the moment the order is placed till the time it is completed and reports are delivered to their E-Folder. They are able to stay on top of potential delays and ensure reports are delivered in a timely manner.

Automation Across the Board

From the moment an order is received, automation kicks in to ensure payment collection, appraiser assignment, inspection scheduling, report review and delivery of the reports in Encompass.

Automated Document Mapping

A major pain point for VanDyk in the past, documents are now delivered automatically to the appropriate folders in the E-Folder when an appraisal order is completed, resulting in the elimination of manual steps and organized storage of documents.

Automated Loan Field Mapping

Not only are documents sent to the right folders, the smart integration allows automated population of appraisal related fields in the loan file. The new integration also supports mapping of custom fields, so VanDyk has been able to configure field mapping that is specific to their Encompass environment.

Vendor Panel Management

At a time when appraiser shortage is major challenge for everyone in the mortgage industry, ValueLink has simplified vendor recruitment and panel management by connecting Lenders with over 150 AMCs and more than 40,000 appraisers across the nation.

Reporting and Analytics

Detailed analytics and reporting tools ensure that VanDyk has the data they need at their fingertips to make more informed decisions about their appraisal ordering process. From being able to select the best vendors to giving them visibility of turnaround times at the county level, ValueLink has got them covered.

Business Results

A close collaboration between the ValueLink, ICE Mortgage Technology and VanDyk Mortgage teams result in an advanced and seamless integration with Encompass. The integration was built from the ground up leveraging the automations in the Partner Connect APIs and enabled VanDyk Mortgage to reduce turnaround times by more than 15%.

Some highlights of this partnership are listed below:

Seamless integration

with Encompass PartnerConnect API

Single sign-on

functionality for a streamlined and user-friendly ordering process

Automated Field mapping

to ensure valuation data is recorded in the loan file without any errors

Automated appraisal delivery

to the UCDP and EAD

Ability to automate

most of the steps in the valuation management process

Automated document mapping

to retrieve valuation documents in the correct folder

Built-in data analytics tools

made it easier to take a deep dive into the order data and make faster decisions

Robust automated review tools

that help minimize revisions from appraisers

About ValueLink Software

ValueLink Software provides solutions for Lenders, AMCs and Appraisers, designed to Automate the valuation process, creating efficiency, reducing errors and ensuring regulatory compliance. ValueLink plays an integral part in the digital mortgage process through seamless integrations with lenders’ origination systems and leveraging key technologies, including automation, AI, analytics, and mobile technology. These solutions have enabled ValueLink Software customers to achieve a high level of operational excellence and process a record number of transactions in 2021.

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