Arrowbase is the holder of the combined company’s new AppraisalWorks platform, a cloud-based technology platform designed to let banks, credit unions, loan servicers, mortgage lenders and others maintain and analyze real estate appraisals and collateral valuations.
According to Doman, the home equity market gives the company access to customers interested in spending serious money on technology. Their interest, he said, enables his company to “continue to invest in and enhance the technology platform … in a way that lenders need in a market like this.”
Accurate/Arrowbase employs about 500 people and has allowed some “natural attrition” to “normalize” its workforce during the downturn, but Doman said executives haven’t needed to implement significant staff reductions.
“We’ve done some things like taking overtime off the table for sure in many of our groups, but we’re busy, thanks to the strength of the home equity markets,” Doman said.
Chen, at Clear Capital, said he’s also seen a demand trend toward appraisal alternatives or modernization.