The report, which includes a survey of 1,500 consumers, finds that while most are satisfied with the traditional appraisal process, there is room for significant improvement in appraisal scheduling and appointments, among other parts of the process.

Key takeaways from the survey include:

• Embracing Technology: 34% of consumers said they would be willing to take photos or videos of their homes if it eliminated the need for an in-person inspection by an appraiser, while 30% prefer in-person inspections.
• Young Adopters: Intuitively, homeowners 18 to 34 years old were more comfortable with the self-serve digital inspection approach (47%), while older homeowners (55+) were less so (13.24%). Proponents believe that self-serve technology would make the process faster (69%) and more convenient. Those who preferred in-person appraisals said traditional appraisals would be more accurate (66%).
• Speedy Appraisal Turn Times: Overall, 79% of consumers said their appraisal inspection was conducted within a week of the appointment being scheduled, including 30% whose inspections took place within three days.
• Valuation Expectations: More than two-thirds of respondents said the appraisal reflected the value that they had expected, and 22% said the valuation came in higher than expected. Refinance borrowers (21%) and homeowners age 55 and older (20%) were more likely to say their appraised value was lower than expected.
• Consumer Use of Digital Scheduling: While most appraisal appointments are still done by phone, the use of email and text is also growing. Approximately 70% of respondents found these methods to be easy.
• Information Gaps Highlight Opportunity to Improve Scheduling: Very few consumers receive important details about their appraiser, such as a photo (21%) or the type of car she or he will drive to the inspection (9%), while less than half (49%) were given the name of the appraisal company beforehand.
• Convenient and Easy Closings: Consumers were comfortable with the concept of e-signing. Nearly 90% of respondents said it would be easy and convenient and 86% said it would save time.
• Word of Mouth: More than 75% of borrowers who had the opportunity to pre-sign documents electronically, prior to closing, said they would recommend their lender.

ServiceLink and its EXOS Technologies division commissioned the survey. EXOS provides cloud-based digital technologies to real estate lenders and servicers.