Approval of Loans with assets as collateral for bank transactions to guarantee as collateral for debt repayment.Â
E-Appraisal is a system that provides services in the appraisal process in real estate and movable assets for Banks’ loans approval. The system uses collateral evaluation rules and online procedures to process for appraised value of the collateral.
Challenges
The process used to evaluate collateral has detailed and complicated steps, starting from preparing the data and various documents used in consideration and approval, including various reference information.Â
According to the collateral valuation criteria, this makes the operation costly in terms of various documents, time, including managing evaluation documents that require storage space and posing difficulty in searching. Therefore, the e-Apprasial system has come in to help reduce the operations costs.Â
Document management and delivery processes developed by Stream are used to make assessments faster and have various information stored as reference information in the system for ease of consideration.Â
Furthermore, this helps reducing costs in transporting assessment request documents and assessment reports. Data in the system can be linked to other related systems and makes the overall loan approval process faster.
Our Solution
The collateral assessment system is developed with Rapid4 enterprise platform technology, which is a low-code development platform that allows for rapid system development.Â
The system supports online Workflow, attaching documents, entry data, and assigning work to those involved in each work process appropriately. For the process of requesting an evaluation, the business user is able to run it through the Web Service or data entry direct into the system.Â
Assessment operations submits work to both insource and outsource collateral appraisers and approving the appraisal price by the appraisal committee at various levels. The system also supports second opinion valuation and appeals and periodic collateral evaluation. The system supports a database of the various types of collaterals.Â
There are other modules to support the functionality of the process such as collateral evaluation, both insource and outsource, summarizing the evaluation list for payment of the evaluation price, and interface to connect with other work systems with ability to link data to related systems.
Key Achievements
Stream has been trusted by banks to design and develop e-Appraisal system to support the bank’s services with convenience, reliable and have information in the system that can be referenced.Â
We reduce the time required for approving price estimates; provide the ability to select outsource and insource parties that are appropriate to the type of collateral; and can distribute work evenly and fairly.
