How Cadence Bank implemented a more efficient and complete hybrid appraisal process

By replacing drive-by inspections with Truepic’s virtual inspection platform, Cadence Bank was able to —

• Remotely view the interior without requiring a full appraisal to better understand the property’s condition.
• Reduce inspection turnaround times: By receiving their inspection reports in hours rather than days, the team can complete the appraisal evaluation on the same day.
• Reduce overall inspection costs: by avoiding full appraisals when they are not necessary.

To deliver a superior experience for their lending teams and borrowers while mitigating risk, the team at Cadence Bank has crafted their appraisal process for both speed and accuracy.  They implement a hybrid approach for HELOCs or refinance applications that don’t require a full appraisal, combining data from an Automated Valuation Model (AVM) with a drive-by inspection.

The challenge: balancing turnaround time with getting a full picture of the property

Before partnering with Truepic, the Cadence Bank team relied on photos from drive-by inspections. While these images provided insights into the property’s exterior, they did not offer any interior details.

While the process was faster and more convenient for properties that didn’t require a full appraisal, the team knew they needed more information to feel confident in their evaluations.

Chanda Dillard, Appraisal Processor, explained that “interior photos give us a better idea of the quality of the property. If there’s a major renovation going on inside, we can catch that and decide to upgrade to a full appraisal if necessary.”

The solution: more detail about the property at an even quicker pace

With Truepic, Cadence Bank can conduct thorough inspections virtually by having the borrower capture photos and provide data about a property’s interior.

As a bonus, they can now process the appraisal even faster. Joseph Newell, Appraisal Processor Manager, noted that “the turnaround is much quicker, which is a plus. We can now turn around an evaluation in the same day, sometimes within the same four-hour timeframe.”

Cadence Bank also reduced total inspection costs because they’re more confident in the information they receive. Newell added, “Truepic allows us to save costs by avoiding full appraisals when they are not necessary. It helps us make informed decisions quickly without needing a complete but costly appraisal.”

“Truepic allows us to save costs by avoiding full appraisals when they are not necessary. It helps us make informed decisions quickly without needing a complete but costly appraisal.

Implementation process: ensuring adoption

During the evaluation process, the team recognized how Truepic could integrate seamlessly into their existing workflow and collect more information, without sacrificing speed.

However, they understood that realizing these benefits required their lending partners and borrowers to adopt the new solution. Since rolling out Truepic, the team has seen significant adoption of virtual inspections by implementing the following strategies:

• Internal validation: Each appraisal team member rigorously tested the applicant inspection workflow to confirm user-friendliness and effectiveness.
• Comprehensive training and rollout for loan teams: They provided their lending partners with an overview of the new solution, ensuring front-line staff could effectively guide borrowers through the process if needed.