C&W Consolidates Appraisal Process for National Lender
The Northern Trust Company utilized multiple processes and platforms throughout the country to order and review real estate appraisals. In some regions, internal employees were responsible for this service, while in others responsibility was outsourced to local firms. The client required one independent process that would be consistent throughout the country. In addition, this process also had to satisfy regulators demands in regard to appraisal independence, be consistent with their internal credit policy, reduce the overall real estate appraisal expense, improve the quality of the appraisals, and reduce the overall cycle time
Cushman & Wakefield’s Appraisal Management group met with the company’s senior managers from the various regions to determine the similarities and differences of the current appraisal processes. Our team then developed a single platform, process, and multiple templates (including standard request forms for RFPs, engagement letters, and appraisal reviews) that would be utilized by the entire organization to execute the appraisal process throughout the country. The selected platform, process, and templates were based on industry-wide best practices, regulators’ guidelines, and our experience with other financial institutions. Client support was provided by our Appraisal Management group as the new process was being rolled out to the various regions.
Cushman & Wakefield effectively provided one platform and process for the integration of appraisal management services within the entire Northern Trust Company. The integration was completed quickly and was seamless to employees of the financial institution. The platform and processes ensure transparency across all types of users, including vendors, account officers, and reviewers. Overall appraisal costs and total cycle time have been reduced while credit standards and appraisal independence have been maintained.