The crisp cold air, falling leaves, and, in some places – snowflakes signal winter. For mortgage lenders, this brings both festive cheer and a familiar set of operational challenges. Inclement weather, shorter daylight hours, and holiday schedules can create a slow down for traditional property valuations, creating issues that put your entire lending pipeline at risk.
But what if you could defy the season? This winter, savvy lenders are turning to virtual valuations to maintain momentum, reduce turn times, and deliver an exceptional borrower experience.
Cost of a Seasonal Slowdown
According to industry data, a standard full in-person appraisal can sometimes take 7-10 business days. In winter, that number can easily stretch further, jeopardizing rate locks and closing dates. The problem is a combination of factors that create the perfect storm for delays:
- Snow and ice: Getting to residential properties (and safely inspecting exteriors) can be tricky—or impossible when roads aren’t clear.
- Shorter days: With less daylight, appraisers and property inspectors have fewer workable hours for site visits.
- Holiday schedules: Borrowers, real estate agents, and appraisers are all managing packed calendars, making it tough to coordinate appointments.
These factors don’t just stretch turnaround times and irritate borrowers; they directly impact your bottom line.
Virtual Valuations: All-Weather Secret Weapon
At Valligent, we’ve seen how virtual solutions can help the real estate valuation process, especially when external conditions are less than ideal. Imagine an inspection that doesn’t require an appraiser to brave a blizzard or navigate a slick driveway. That’s the power of virtual.
Our ValINSPECT Virtual™ solution, for example, allows a property contact (often the homeowner) to participate in a guided, live-streamed inspection using their smartphone. An experienced appraiser or inspector directs them, ensuring all necessary visual data is captured. Often, this can even be done on demand during business hours and/or scheduled at a convenient time.
The benefits are clear:
- Uninterrupted workflow: Rain, snow, or shine, inspections keep moving. With ValINSPECT Virtual™, everything happens right from the comfort and safety of the property—no weather delays required.
- Fast turnarounds: Traditional inspections can get held up by travel and scheduling. Virtual sessions typically take just 20–40 minutes, depending on the property size, keeping the data collection process quick and efficient.
- Borrower convenience: Homeowners appreciate not having to clear their schedule or prepare their home for an in-person visit. A virtual tour is less intrusive and more flexible.
- Cost-efficiency: With fewer travel and logistical costs, virtual inspections deliver a more budget-friendly option that still maintains the same quality and accuracy.
Beyond the Inspection: A Suite of Virtual Solutions
A virtual inspection is just the starting point. It can easily plug into other valuation services, helping you work faster and stay flexible without sacrificing accuracy.
- ValPRAZE Virtual™: Sometimes you need an appraiser’s insight, but not the delay that comes with a traditional visit. ValPRAZE Virtual™ blends a guided virtual inspection with a valuation from a state-credentialed appraiser, typically delivered in about two business days.
- Virtual eVAL™: For moderate-risk cases, our Virtual eVAL combines a virtual inspection with expert data analysis from a highly trained analyst, often completed within hours or a single business day.
- 1004D Virtual Completion Certificate: Essential for post-renovation lending, this virtual solution quickly verifies completed work without an on-site visit.
The Future is Virtual, and It's Here to Stay
Our surveys show strong support for virtual technology:
- 95% of respondents are satisfied with virtual inspections.
- 71% believe virtual valuations should become the industry standard.
Combined with their clear advantages during winter, the message is clear – don’t let weather slow your lending pace. Virtual valuations help keep your pipeline moving and your borrowers satisfied.
Contact us to learn more about our virtual valuation solutions.
