Westwood, Kan. March 12, 2007)—The reaction from lenders was positive and immediate to the launch of IRR-Connections, a technology that allows IRR-Residential unlimited capacity to automate the delivery and management of residential property valuations nationwide. IRR-Residential is the only organization of independently owned and managed residential appraisal offices with this capability.
“We began receiving appraisal orders immediately after IRR-Connections was launched on February 5 said Mark Oliver, senior vice president of business development for IRR-Residential. “Lenders like the idea of an appraiser-centric organization with national processing capabilities.”
With IRR-Connections, lenders can order residential appraisals nationwide through a single point of contact. The Web-based system is flexible and designed to meet the needs of a variety of customers through its centralized order processing and delivery system.
“Appraisals are a critical component of loan originations,” said John Wood, president and chief operating officer of IRR-Residential. “We provide a streamlined process for lenders to place large numbers of orders nationwide. During February, we placed appraisal orders in 25 states.”
IRR-Residential is unique in the industry because of its appraiser oriented approach.
The company utilizes as its foundation a franchise affiliation with more than 49 locally owned and operated residential appraisal firms. Currently the offices are located in 35 markets and 17 states with plans for 100 offices by the end of 2007. It also has a vendor panel of approximately 5,000 appraisers to provide service in areas where there is not affiliate coverage. IRR-Connections also provides significant advantages to IRR-Residential affiliates.
“As an independent appraisal firm, I simply could not afford national marketing and this type of technology,” said Scott L. Burdette, SRA, managing director, IRR-Residential Valuation Consultants, Ft. Worth, Texas. “As a result, my ability to market and provide services to regional and national clients was limited. Since affiliating with IRR-Residential, I already have had the opportunity to participate with my colleagues nationwide in performing residential appraisals for national lenders."
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IRR-Residential, LLC has almost doubled in size since July of 2006, growing from 26 to 49 independently owned and operated local appraisal firms affiliating to operate as part of its national residential appraisal organization. Initially in 23 markets, IRR Residential, LLC has since expanded it’s coverage to 35 markets and17 states with the continued growth of affiliated offices.
“We are delighted with the response from seasoned local residential appraisal firms that recognize the advantages of being part of a national organization,” said John Wood, president and chief operating officer, IRR-Residential. “IRR-Residential can provide these local firms with tools to market to their local client base as well as access to regional and national clients.”
Wood said that in order to save processing costs and protect themselves against fraud, more lenders are ordering appraisals centrally instead of contracting directly with local service providers. IRR Residential has licensed a proven software program to meet these needs that will allow its affiliates to compete on both a local and national level.
About IRR-Residential: IRR-Residential, LLC is a national appraisal organization, formed in July 2006, to respond to the consolidation of lenders and centralization of processing residential appraisals. It brings together high-quality, independently owned residential appraisal offices into a national organization to provide lenders with local knowledge, experience and quality appraisals on a nationwide basis. To learn more about IRRResidential, http://www.irr-residential.com
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