KeyLock Solutions was born out of a need to offer lenders, non-lender valuation users, and appraisers a better solution: to allow the Ag Land valuation process to move securely, quickly, accurately, and completely through a secure, regulation-compliant, cloud-based system.
In 2003, a rural appraisal company in north central Idaho was contracted by University of Idaho College of Agriculture and Life Sciences and NIATT in College of Engineering to participate in a state-wide proximity damages study for Idaho Transportation Department. The appraisal company owner was concurrently teaching Farm and Natural Resource Appraisal as an adjunct professor in Ag Econ. The university instructor hired a student from class to work on GIS mapping and multiple regression modeling for the ITD study and mentored the student toward a career path in agriculture appraisal.
Ten years later, the instructor and the student came to the same conclusions: The agricultural valuation industry needed an infrastructure to operate in a more efficient, accurate, and consistent manner.
While the instructor’s software, AppraiserMetrics, provided the first prototype in 2010 for a cloud-based agriculture and rural land comparable database, it lacked the work-flow capability to channel essential appraisal information from lenders to appraisers. Appraisers, having been awarded the assignment, would take an additional week, or more, to start gathering the same information the loan officer, gagged by over-zealous AMCs, already had on file. But lenders, made fearful of Dodd-Frank, refused to communicate with appraisers and visa-versa. In the past, when appraisers have talked to directly loan officers to clarify an appraisal issue or request documentation, they have been threatened with panel expulsion. This has only further diluted, stifled, and confused the process.
Our philosophy of ‘lending securely and evaluating completely’ is embedded in our commitment to provide a service to lender-clients and non-lender clients that simply has greater value than the dollars spent to buy it.
At KeyLock we strive to…
- know more than anyone about what is required to provide credible rural and agricultural real estate valuation to lender and non-lender clients.
- provide our clients with a selection of valuation vendors who are most suited to complete valuations competently based on knowedge base of rural property appraisal, of the specific property type, and the market area.
- understand each valuation problem completely, framing it with the scope of work necessary to solve the problem; no more and no less.
- know the questions to ask, and ask enough questions to be assured that lender and non-lender clients and valuation vendors are aligned and performance expectations are met.
- use tools that encourage our valuation vendors to verify, vett, and confirm sale and lease data by digging deeper to find ‘the story’ behind every transaction, providing consistency in every analysis.
- use tools that encourage our valuation vendors to think about economic principles that apply in every land transaction in order to collect the data that defines how buyers and sellers think, feel and behave.