When competing for the service of clients, it’s important for AMCs to take note of their results to see how well they’re doing in certain markets, especially when compared with other AMCs. Lenders expect high quality performance results from the AMCs they do business with so they should have an internal record of various metrics; this gives them an idea of their performance based on actual numbers and statistics which can’t be argued with.
TriMavin has a number of ways of tracking performance and this allows us to understand what’s working for us and what should be improved for better results. One of those methods is the Quality Report which shows us how well our AMC is doing across the country based on appraiser count, average turn times, and appraiser/client on-time percentages. From the reporting we can determine at first glance which of the appraisers are performing with the lowest turn times and delivering the best performance results.
This is a starting point to then dig deeper within the data to determine the reasons behind the performance. Appraisers with higher turn times will often have an explanation for why the orders are taking longer on average. This could be for any number of reasons that are either the fault of the appraiser or client factors outside of the appraiser’s control such as client appointments. The goal is to be able to hone in on the top appraisers with the highest quality in every respective county and state to ensure our panel is filled with the top performers in the industry.
Based on population size, some states like Texas are going to have a larger amount of appraisers and order volumes than other states like Alaska; the important thing here to note is that it’s not necessarily about the quantity of orders that matters, but the quality of the results like lower turn times, on-time percentages, and average CU scores that remain below 2.5. However, quantity does sometimes factor into the equation. For example, a couple hundred appraisers in a larger state like California will have a greater impact on overall performance than a fewer number of appraisers in a smaller state like Wyoming.
Another metric we use for the convenience of the client is the daily pipeline. This shows them the status of their orders over a specified time frame, and helps to keep them on top of statuses such as assignment date, appointment date, estimated due date, etc. We also provide them with trending and performance results in order to give them an idea of order history for their specific geographical area. Our appraisal metrics chart can be customized to each client and shows key information such as order volume, average turn time, average CU score and percentage of CU scores under 2.5; these rankings typically vary state-by-state depending on the performance of the appraisers residing in those regions.
TriMavin also looks inward to examine what we can do to improve ourselves which is why we also examine employee performance and internal productivity and helps to strategize ways to continuously improve efficiency and performance levels. Focusing attention on individual performance levels further helps to allocate workload and determine capacity goals.
Monitoring the trending of order volumes indicates the busiest times of the year and how fast appraisers are completing their reports during those months; winter months are typically less busy and have lower order volumes than summer months according to our charts and appraisers complete those orders faster as a result. We can forecast future outcomes based on these trends and historic order volume levels, giving us a means of preparing for times that are more or less busy. Underwriting revisions can also be tracked with this same method and as with order volumes it’s typically during summer months that underwriting revision counts and percentages are higher than during the less busy winter months.
TriMavin uses data and reporting to stay ahead of the competition and ensure we are providing the best possible lender experience. The above examples are just some of the ways TriMavin uses to track our progress via data analytics.