Hawaiian Bank Streamlines Appraisal Management Process to Improve Efficiency, Improve Appraisal Turn Times & Address Regulatory Compliance

With MountainSeed’s outsourced appraisal management services, Central Pacific Bank updated a traditional appraisal department to increase efficiency, improve quality management, and minimize regulatory findings.

$6 billion in assets

Branches

Employees

commercial reviews in 2018

customers

The Challenge

 

For years, Central Pacific Bank relied on a traditional, in-house appraisal structure with a chief appraiser and a staff of review appraisers. However, the Hawaii-based bank realized over time that they weren’t getting reviews or appraisals back in a timely fashion. Plus, in addition to time inefficiencies, they were experiencing repeat audit issues. To improve both, they needed a dynamic and compliant way to reinvent their appraisal process.

The entire [MountainSeed] process just works well, especially for a bank of our size.

Jen BakerVice President, Data & Project Manager

In a lot of ways, we have customized our process to some degree, especially in reporting customization. We regularly have ad hoc requests, and it has never been a problem for MountainSeed to help facilitate changes.

Jen BakerVice President, Data & Project Manager

The Solution

 

Incorporating MountainSeed in 2015, Central Pacific Bank worked directly with the appraisal management platform to outsource ordering and reviews. As the nation’s largest commercially focused appraisal management company with experience on all types of appraisals, MountainSeed was able to improve and increase efficiency immediately. 

“The biggest improvement after we implemented MountainSeed was experiencing zero regulatory findings in both process and review content, and we haven’t had another one since,” says Jen Baker, Central Pacific Bank vice president, and data and project manager. “From 2015 onward, we’ve had nothing but stellar reviews and internal audits. Everything has just gone really smooth. To this day, when you have a more traditional in-house system, review time is always an issue because you have a lot of deals and only a small internal review team. That’s just not an issue for us anymore.”

The Results

Incorporating MountainSeed into Central Pacific Bank’s infrastructure was seamless. In addition to positive results, Central Pacific Bank was able to take ad hoc needs and make customization updates to improve their internal processes and overall customer experience.

“Everyone is really happy with the [MountainSeed] process,” says Baker. “We don’t want to change anything. In fact, we want to move into other departments where the processes are less smooth and measurable and make similar changes. The whole expectation is that [our current process] continues.”