AssignIQ by Jaro: Revolutionizing Appraisal Management

A prediction engine to help lenders and AMCs build trust with clients.
Alexandra Checketts
10 min to read

In the complex and dynamic realm of property appraisal, lenders and appraisal management companies (AMCs) face numerous challenges in efficiently managing appraisal orders.

These challenges range from accurately predicting the cost and time requirements of appraisals to setting realistic expectations for borrowers and agents.

Jaro, a pioneering software company, introduces an innovative solution: AssignIQ. This tool is designed to transform how appraisals are managed by leveraging data intelligence to streamline the appraisal process.

The Essence of AssignIQ

AssignIQ utilizes a sophisticated scoring system that assesses the complexity of appraisal orders based on existing property data. This data includes the number of appraisers available in the property's county and the uniqueness of the property — essentially, how many similar properties exist in the area.

By applying linear regression analysis, AssignIQ assigns a score to each property, which is then categorized into percentile brackets indicating the complexity level: Easy, Moderate, Hard, Very Hard, and Exceptionally Hard.

AssignIQ is a prediction engine designed to deliver more certainty for lenders and their borrower up front.

Categorization and Its Implications

  • Easy (Lowest 50%): These properties are in areas with abundant appraisers and many similar properties, indicating straightforward appraisal processes.
  • Moderate (Next 25%): A step up in complexity, these properties may present slight challenges but remain within manageable parameters.
  • Hard (Next 15%): These properties begin to show significant uniqueness, requiring more effort and time for appraisal.
  • Very Hard (Next 5%): High complexity properties, challenging both in terms of appraisal effort and time investment.
  • Exceptionally Hard (Top 5%): The most complex properties, demanding extensive appraisal expertise and significantly more time.

Key Insights from AssignIQ

The AssignIQ scoring system has demonstrated remarkable accuracy in predicting several critical factors affecting the appraisal process:

  • Turnaround Times: A direct correlation between complexity and turnaround times was observed. The average turnaround time for "Easy" orders is significantly lower than for "Exceptionally Hard" orders.
  • Fee Adjustments: The likelihood of a fee change is moderately correlated as complexity increases, indicating that aligning complexity score with fee estimates may reduce adjustments.
  • AMC Profit Margins: Higher complexity levels correlate with lower profit margins for AMCs, primarily due to increased appraiser fees.
  • Order Management: Despite these challenges, the AMC value (the overall cost to the AMC) does not directly correlate with complexity, suggesting an area for refinement in fee scheduling to better align with AssignIQ scores.

Enhancing Lending Experiences with Data Intelligence

JaroDesk, powered by AssignIQ, equips lenders and AMCs with critical insights early in the appraisal process. This foresight enables better fee disclosures, sets accurate expectations, and overall enhances the lending experience. By integrating AssignIQ, Jaro aims to simplify the appraisal management process, ensuring that lenders and AMCs can navigate the complexities of property appraisals with greater efficiency and accuracy.

Jaro's AssignIQ represents a significant leap forward in appraisal management. By leveraging data intelligence to assess and predict the complexities of appraisal orders, Jaro provides a tool that not only optimizes operational efficiency but also improves the experience for borrowers and agents. In an industry where time and accuracy are paramount, AssignIQ stands out as a crucial asset for lenders and appraisal management companies alike.

Appraisal management done right.

Jaro is the only end-to-end platform for high end lender, AMC and staff workflows.
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