PCV Murcor is one of the nation’s leading valuation management companies. The company provides appraisal management services to lenders, investment firms, community banks, servicers and anyone who needs a real estate valuation. Even amid the current appraisal shortage and challenges within the housing industry, PCV Murcor helps move the appraisal process forward by creating a service-first culture while also mitigating risk and compliance exposure.
Appraisal shortage
Despite uncertain economic times, the housing market experienced a surge during the pandemic. And while it’s been over a year since the start of COVID-19, the real estate market hasn’t slowed down. This continues to put a great deal of pressure on appraisers who are managing large portfolios during an appraisal shortage.
“The biggest pain point we hear from our clients is turnaround time,” said Cindy Nasser, COO of PCV Murcor. “And while there’s little we can do to control turnaround times because there’s a supply issue, we provide clear communication and provide our clients the detailed data and information needed to help them manage their business and expectations.”
For the mortgage process to run smoothly, there needs to be great communication – everybody involved in the transaction has to know exactly what’s going on. During these unprecedented times, PCV Murcor helps streamline communication by setting clear expectations and supporting those expectations with empirical data, so lenders are always in the loop.
Inclusive culture
Providing this high level of service is nothing new for PCV Murcor. The company, which will be celebrating its 40th anniversary this year, has always put its customers first. In fact, having a high-touch customer service model is one of the tenets of the foundation of its culture.
As the only black-owned AMC in the industry, PCV Murcor strives to provide a business model that truly serves everyone, emphasizing diversity and inclusivity within the organization.
“The diversity of our people is, in part, what makes PCV an industry leader,” said Keith Murray, MAI, founder, president and CEO of PCV Murcor. “We recognize that each person has unique perspectives. We draw on these differences, what we’ve experienced, and how we think.”
The company’s commitment to diversity stands out – about 76% of their employees are considered a racial/ethnic minority and 63% are women, which is a rarity in the mortgage industry.
And while the home buying process can be stressful and time-consuming for the borrower and the loan officer, PCV Murcor prides itself on always keeping the borrower in mind. After all, behind each transaction is somebody’s livelihood and a dream that they’re fulfilling.
PCV Murcor’s unique approach
While appraisers already faced challenges before COVID-19, they now have to appraise homes while following social distancing guidelines and quick turnaround times so lenders can meet their closing dates. And due to today’s tight market, appraisers are under a great deal of scrutiny to ensure they’re in compliance. To conduct a comprehensive report, appraisers have to continuously research and analyze data – even the smallest of errors could stop the mortgage process in its tracks.
“We focus on what our clients value the most – proximity, quality, and prompt turn-times,” Nasser said. “Our approach combines manual review by our team of specialists and automated quality assurance checks throughout an order before delivery. This helps reduce requests for any revisions, which saves our clients valuable time and money.”
PCV Murcor finds the best qualified independent appraisers based on geographical expertise and capability. Because they offer coverage nationwide, their appraisers can be anywhere they’re needed. Not to mention, some appraisers have contracted with PCV Murcor for over 20 years. Because of this, they have a strong panel of committed appraisers that provide a higher level of service.
Using proprietary data and appraiser-developed business rules, PCV Murcor’s quality control process streamlines orders through an automated system before applying a manual, in-depth examination for client delivery. Its well-structured workflow makes modification rates for residential valuations among the lowest in the industry.
“We hear from all of our customers that we provide the best level of service,” Nasser said. “We provide phone and email support, and we ensure that we have coverage for all U.S. time zones so that we’re able to service all of our customers, regardless of where they’re located. Our team is also continually looking to optimize turn-time for clients.”
For almost 40 years, PCV Murcor has helped clients and their borrowers fulfill their real estate needs. Over the past four decades, the company’s focus has remained the same, providing a high level of service through accountability, connectivity, and performance.
“We operate as one with our clients and panel, it’s not us and them,” Nasser added. “Everyone who works at PCV Murcor is trained knowing we are all in this together.”
