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Before the Internet and email, the appraisal business was largely a relationship-centered business conducted between appraisers and lenders or their agents. Relationships were primarily local and often conducted over a handshake. There was often a high level of confidence in knowing who you were doing business with. This is far from the case today.
Identify theft, altered appraisals, fraud and a general lack of confidence in the appraisal profession are a result. Appraisers have become nothing more than a name and a number or username and password to national companies, and visa versa; lost are personal interactions and the security of knowing who you’re dealing with. Needless to say, recent events and market forces on a national level have created an unprecedented urgency to restore confidence in the authentication and security of the appraisal transaction.
Getting snared by an identity thief who has stolen your name and/or a fraudster changing the contents of your appraisal report without your permission, can be very costly to your reputation and your bottom line. To combat this growing trend, Nation Technologies has released the BIOWRAP™ System that utilizes advanced fingerprint authentication technology to bring security back to business to business transactions.
The BIOWRAP System provides a tool for appraisers to accurately associate their identity and credentials to an unalterable “true copy” appraisal report using fingerprint technology. Appraisers are able to track anyone who views their “true copy” appraisal reports. According to David Doering with Missouri Property Appraisal, Inc., in Jefferson City, Missouri: “The days are long gone when we could be certain that the printed appraisal report, hand-delivered or mailed, would reach its intended user intact. As appraisers, we are asked routinely to transmit appraisal reports via the Internet to often unknown users, hundreds or thousands of miles away. And while our appraisal software allows us to use an electronic signature that is protected by a password, it is naive to think that it is not possible for an appraisal sent as a PDF or in .xml format to be hijacked with readily available software and changes made at will.”
” With BIOWRAP we are able to send both narrative and form appraisal reports and other files with the confidence that the report will be received by the intended user precisely as it was sent, unaltered and complete. With BIOWRAP we know that we have a verifiable record that what we send is what the client will ultimately see. Further, BIOWRAP provides us with accountability as to the chain of custody of who opened the file and if the file has been altered,” Doering said.
The system provides guaranteed assurance of the authentication, security and accountability of appraisal reports without impeding existing technology. Clients can limit their liability and have certainty that the appraisals they receive are secure and authenticated and were created by an accurately-identified and properly credentialed appraiser. The integrity of appraisers’ identity and credentials serve as the basis for their livelihood. This new technology offers that protection.
Through an affinity relationship, those who purchase their E&O insurance from OREP qualify for a group discount at sign up (receive a free Credential Verification, $70 value, please email us for your discount code). Working RE readers also qualify for a (smaller) discount. Please visit www.mybiowrap.com, click "Purchase" in top left corner and use WRE6760 in the referral code box to save $35 at sign up. Also, click here for an appraiser seminar overview with demo.
The BIOWRAP™ System is an identity and information management tool to biometrically authenticate, secure and track any electronic file type. Prior to his experience with NATION, Stephen consulted for New York Police Department’s Intelligence Division to establish an intelligence gathering network for the analysis and dissemination of actionable anti-terrorism intelligence. Mr. Nation received his Bachelor of Science degree in logistics and intermodal transportation from the United States Merchant Marine Academy and has also attended the Institute for Defense and Strategic Studies in Singapore.
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