A spectrum of new appraisal services has recently hit the market, and the one common theme among the offerings is compliance. As the number of appraisal management companies seems to continually be increasing, many are enhancing their services with technology. Meanwhile, affordable alternatives to full appraisals that promise more than broker price opinions are springing up.
A recent news release from StreetLinks Lender Solutions indicated that it has launched StreetLinks Liquidation Value Report, a USPAP-compliant liquidation valuation report for mortgage servicers and asset management firms. The Mortgage Daily advertiser said that its nationwide panel of licensed appraisers performs the LVRs using "strict appraisal-like methodology based on property condition, comparables and local market trends to provide a thorough and objective analysis of the liquidation price around a strict 90-day marketing window."
StreetLinks announced in November an expansion of its SCORe appraisal review product, which includes a repurchase and loss warranty. The offering reportedly provides a USPAP-compliant review and rating of the comparables used in an original appraisal, and it is completed by a local licensed appraiser.
"Unlike traditional review products that can create conflicting value conclusions, SCORe analyzes the credibility of the comparables used in an appraisal to derive its findings," StreetLinks said.
More than a million appraisal reports have been delivered through DataCourier since the Uniform Appraisal Dataset went into effect on Sept. 1, 2011, a la mode reported. The free service automatically checks for UAD compliance errors when an appraiser is ready to deliver a final report.
a la mode also reported that its Mercury Network handled over 3.7 million appraisals during the past year, and the volume could double this year as a result of DataCourier. Additional DataCourier features are expected to be released in the coming weeks.
A new version of SharperLending LLC's Appraisal Firewall was announced on Feb. 14. The update promises lender efficiencies in account setup and management and streamlined management features for re-sellers and AMCs that utilize SharperLending for their back-office technology solution.
"Appraisal Firewall is a secure, cost-effective technology solution for lenders to manage their own appraisal process and work with their trusted local appraisers to increase the speed of loan production and underwriting," the Spokane, Wash.-based service provider said. "Additionally, Appraisal Firewall helps lenders comply with all appraisal independence regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, Interagency Appraisal and Evaluation Guidelines, and GSE requirements for lenders to submit UAD-compliant appraisals electronically to the UCDP."
The prior month, SharperLending said that its firewall product was confirmed by Veros Real Estate Solutions as operationally ready for successful submission to the Uniform Collateral Data Portal.
SharperLending said in November that Data Facts was using its firewall product.
A white paper from FICO Labs entitled Predicting Strategic Default found that borrowers who have lost the most value are about twice as likely to walk away from their mortgages as borrowers whose home values fell the least. But with the help of Collateral Intelligence -- which says it provides risk management tools that bring valuation science to assessing the quality of appraisals, BPOs and portfolio reviews -- FICO says it can identify borrowers who are over 100 times more likely to default strategically than others.
A "simple system" with a UCDP interface was announced last month by Nationwide Appraisal & Settlement Network. The UCDP Direct Delivery Module within the ValuTrac appraisal management platform enables the Mortgage Daily advertiser to deliver appraisals directly to the UCDP portal as the client's lender agent.
Another Mortgage Daily advertiser, Mortgage Information Services Inc., said late last year that it had completed a UCDP integration and was UAD-compliant.
CoreLogic last week announced its new Residential Evaluation Report. The data-enhanced, appraiser-certified evaluation tool reportedly helps mortgage lenders and servicers address 2010 Interagency Appraisal and Evaluation Guidelines requirements. The service is an alternative for federally-related mortgage transactions when the guidelines permit the utilization of less than a full appraisal but more than a BPO or automated valuation model.
CoreLogic's report utilizes six methods to determine value including a certified evaluation of property value with an appraiser's opinion of value, a summary BPO, two AVMs and two indicated value approaches.
BPOLite is a cost effective alternative to traditional BPOs, Valuation Vision recently announced. The new service utilizes local real estate professionals to provide price opinions and local market insight with quick turnaround.
The Kirchmeyer Group, which owns Valuation Vision, was launched in December.
Global DMS, which also advertises with Mortgage Daily, recently announced that its Kinex Technology was implemented by Nationwide Property & Appraisal Services. Nationwide reportedly saved $10,000 as a result of using the service.
Clarity Appraisal Management Co. has signed on to utilize ValuLink as its appraisal management software platform. Clarity Co-owner Jason Bennett said that the solution has already increased the AMC's productivity, and they can increase production by 5,000 reports without adding more personnel.
Appraisal Logistics said it will continue to manage appraisals for Graystone Mortgage on more than $250 million in transactions each year. The Annapolis, Md.-based AMC touted its ability to ensure compliance.
An alliance was announced last month between The Collingwood Group and Valued Veterans, which provides professional residential and commercial property valuation services.
"Major growth" during recent months was reported in January by Nations Valuation Services. Top-25 lenders are reportedly among the Prairie Village, Kan.-based AMC's clients.
InHouse Inc. said in December that it is successfully integrating lenders and AMCs to the UCDP in a matter of a few weeks without any long term contracts. InHouse claims that it is among 13 providers out of 26 to offer direct UCDP access.