Announcing the Release of a Groundbreaking New Product
The Verisite Photo Report, Coming Soon to
Appraisal Firewall
The Verisite Photo Report, Coming Soon to
Appraisal Firewall
We want to let you in on an exciting new project we have in the works here: the Verisite Photo Report. This is a groundbreaking new product that will soon be available in Appraisal Firewall.
The Verisite Photo Report is intended to be used on loans where full appraisals aren’t needed. It enables you to get current, comprehensive property details to make accurate lending decisions on no-appraisal loan products. Think equity loans. Other lending processes and sub-loan products that require current information about the site that’s being used as collateral are also perfect for Verisite. Think new construction status updates, PMI removal, foreclosure proceedings, disaster relief situations, portfolio reviews, and more. Verisite fills all these needs quickly and securely.
Here are a few common questions that we have had in our early experience phase.
How does Verisite work?
The Verisite Photo Report can be setup for lenders and branches in Appraisal Firewall. When enabled, there will be a new “Verisite” option in the Order menu. Banks and credit unions use it to order and receive site condition reports and data, such as interior and exterior site photos with descriptions and maps, instantly. We are also working to include comparable sales data.
Verisite allows you to pick and choose which pictures and descriptions you want of a property, place an order to someone other than an appraiser on your panel, then approve the returned data and generate the Verisite Photo Report that meets your processing and underwriting needs. The result is a fast, current, comprehensive inspection of the property.
What do you mean “Place an order to someone other than an appraiser on your panel”?
Verisite utilizes what we refer to as “Photo Agents.” Photo Agents can be borrowers, appraisers, loan assistants, realtors, etc. – a Photo Agent can be anyone the lender selects to provide them with site inspection data. Orders are sent to the Photo Agent via a text message that includes a link that, when tapped, takes the Photo Agent to the app store to install the new Verisite app (or directly into the app if they have used it before).
What exactly is a “Photo Agent”?
A Photo Agent is a specific person that the lender chooses to engage with to send the order to. The Photo Agent will use the Verisite app (see below). For example, in the case of equity lending, the Photo Agent might be the borrower that the lender is working with, and the lender requests current interior and exterior photos of the property to use as a site inspection from the borrower. In the case of new construction status updates, the Photo Agent may be a loan assistant in the lender’s office who has been assigned to visit the property to determine progress payments.
With this in mind, unlike a standard transaction in Appraisal Firewall, there is no panel of appraisers that Verisite sends orders to, and the process does not include putting an order out for bid. When placing a Verisite order, the lender enters the Photo Agent’s mobile number and email address. This is how the text message is sent to the Photo Agent.
Verisite utilizes these Photo Agents because Verisite is intended to be used on loans and sub-loan products that do not require a full appraisal.
What is the Verisite App?
The Photo Agent will need to use our brand-new Verisite app for smartphones to travel to the property to gather details. The Verisite app can be used on Apple and Android devices, and will soon be available in both the Apple App Store, and in Google Play. The app is the tool the Photo Agent uses to 1) collect site condition data, and 2) deliver the data back to Appraisal Firewall where the Verisite Photo Report is generated for the lender. When the Photo Agent receives a text and taps the link, they will either be taken to the app store to install the app, or directly into the app if they have used it previously. We have made it simple to load the app to move forward.
Want more info?
We anticipate the Verisite product to be available soon. Stay tuned!
The Verisite Photo Report is intended to be used on loans where full appraisals aren’t needed. It enables you to get current, comprehensive property details to make accurate lending decisions on no-appraisal loan products. Think equity loans. Other lending processes and sub-loan products that require current information about the site that’s being used as collateral are also perfect for Verisite. Think new construction status updates, PMI removal, foreclosure proceedings, disaster relief situations, portfolio reviews, and more. Verisite fills all these needs quickly and securely.
Here are a few common questions that we have had in our early experience phase.
How does Verisite work?
The Verisite Photo Report can be setup for lenders and branches in Appraisal Firewall. When enabled, there will be a new “Verisite” option in the Order menu. Banks and credit unions use it to order and receive site condition reports and data, such as interior and exterior site photos with descriptions and maps, instantly. We are also working to include comparable sales data.
Verisite allows you to pick and choose which pictures and descriptions you want of a property, place an order to someone other than an appraiser on your panel, then approve the returned data and generate the Verisite Photo Report that meets your processing and underwriting needs. The result is a fast, current, comprehensive inspection of the property.
What do you mean “Place an order to someone other than an appraiser on your panel”?
Verisite utilizes what we refer to as “Photo Agents.” Photo Agents can be borrowers, appraisers, loan assistants, realtors, etc. – a Photo Agent can be anyone the lender selects to provide them with site inspection data. Orders are sent to the Photo Agent via a text message that includes a link that, when tapped, takes the Photo Agent to the app store to install the new Verisite app (or directly into the app if they have used it before).
What exactly is a “Photo Agent”?
A Photo Agent is a specific person that the lender chooses to engage with to send the order to. The Photo Agent will use the Verisite app (see below). For example, in the case of equity lending, the Photo Agent might be the borrower that the lender is working with, and the lender requests current interior and exterior photos of the property to use as a site inspection from the borrower. In the case of new construction status updates, the Photo Agent may be a loan assistant in the lender’s office who has been assigned to visit the property to determine progress payments.
With this in mind, unlike a standard transaction in Appraisal Firewall, there is no panel of appraisers that Verisite sends orders to, and the process does not include putting an order out for bid. When placing a Verisite order, the lender enters the Photo Agent’s mobile number and email address. This is how the text message is sent to the Photo Agent.
Verisite utilizes these Photo Agents because Verisite is intended to be used on loans and sub-loan products that do not require a full appraisal.
What is the Verisite App?
The Photo Agent will need to use our brand-new Verisite app for smartphones to travel to the property to gather details. The Verisite app can be used on Apple and Android devices, and will soon be available in both the Apple App Store, and in Google Play. The app is the tool the Photo Agent uses to 1) collect site condition data, and 2) deliver the data back to Appraisal Firewall where the Verisite Photo Report is generated for the lender. When the Photo Agent receives a text and taps the link, they will either be taken to the app store to install the app, or directly into the app if they have used it previously. We have made it simple to load the app to move forward.
Want more info?
- Check out the Verisite web page on AppraisalFirewall.com
- Or, click here to view the Verisite Datasheet.
We anticipate the Verisite product to be available soon. Stay tuned!