AssignIQ by Jaro

AssignIQ is a prediction engine to help lenders and AMCs build trust with clients.

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

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

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At Jaro we have built an innovative solution to this problem: AssignIQ. This tool is designed to transform how appraisals are managed by leveraging data intelligence to streamline the appraisal process.

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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.

‍Key Insights from AssignIQ

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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 is consistent across regions. 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 margins (the overall COGS to the AMC) does not significantly correlate with complexity, suggesting an area for refinement in fee scheduling to better align with AssignIQ scores.

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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.

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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 clients.