It’s a great way to share commercial appraisal data with your lender clients. More and more lenders want not only a PDF appraisal report delivered to them but also a data file that can be imported directly into their internal systems. This saves them a lot of time and reduces transcription errors. Until recently, only a few of the largest lenders required import files and then only required it of their largest appraisal vendors.
Smaller appraisal firms that work through an appraisal management company often must manually fill in an online form when they submit a report. Often, the AMC shares the data with its client. This is a bad experience for several reasons. First, it’s a fraction of the data the lender needs and the appraiser has do to it manually which is tedious. Lastly, manual entry creates an opportunity for errors. Fortunately, there is a much better way.
This RQX file format is a breakthrough for the industry because it enables direct interchange with lenders’ internal systems, saving underwriting time by up to 80% and thereby reducing errors, manual labor, and costs.
Realquantum is the industry leader in CRE appraisal data quality and completeness. The Realquantum RQX file format draws upon the full breadth and depth of the Realquantum data model. Data includes valuations, properties, sites, improvements, sales, leases, income, expenses, and more. Also, it builds on widely accepted existing standards for file format and data exchange as set forth by:
That’s it! Your RQX-format commercial appraisal JSON export file is ready in seconds. To download, click on the icon to open the file in a new tab and save it to your computer.
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