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Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.


Appraisal Guarantees

Recent appraisal activity

Oct. 5, 2009

By SAM GARCIA


Two appraisal firms are offering guarantees for their work. In other appraisal-related activity, a deadline looms for digital delivery of appraisals, and a new service helps lenders rate the local expertise of appraisers.

AIMSdashboard, which competes with appraisal management companies by providing lenders with software that enables them to be compliant with the Home Valuation Code of Conduct, said in a Sept. 14 statement that it released AIMS 4.1. The new version reportedly promotes operational efficiencies for large volume lenders, includes exclusionary list capabilities to pair with appraiser selection processes and also includes extended reporting offerings.

AIMSdashboard noted in an August announcement that AMCs deploy appraisers who lack the necessary competencies to complete assigned appraisals. And large lenders who attempt to maintain their own applications and approved appraiser lists are finding the task overwhelming. The Chapel Hill, N.C., firm said appraisers can update their profile information by registering on the AIMSdashboard Web site.

Indianapolis-based StreetLinks National Appraisal Services, which is an AMC, today announced it will guarantee that its quality and service levels will exceed the performance of any other appraisal solutions that are compliant with the HVCC and FHA appraisal solution. If it doesn't meet its commitment, it will pay a performance penalty from its $1 million performance guarantee account.

Fannie Mae will require sellers to submit full appraisal reports in electronic data format prior to loan delivery as of March 1, 2010. In a statement last month, Veros Real Estate Solutions said it was selected by Fannie as the technology provider to build, maintain and support its collateral data delivery system.

A new service was developed by Bradford Technologies Inc. to help lenders rate the local expertise of appraisers, a news release last month indicated. The new technology will reportedly solve the growing national problem of inaccurate appraisals by appraisals who are not familiar with the areas they appraise in.

Bradford said the free service, dubbed AppraisalWorld Directory, measures and ranks appraisers' local area experience -- ranking the top 20 appraisers with the most experience relative to a particular property. More than 17,000 appraisers are included in the directory.

ValueNOW, a new web-based service, enables lenders, servicers and investors to quickly establish the replacement cost and actual cash value of various types of residential properties, Proctor Financial Inc. recently announced. The new service includes a replacement cost guarantee. The service can be utilized for a single property or for batches of more than 500.

An Introduction to Statistics for Appraisers was published last month by the Appraisal Institute, according to an announcement. The $60 textbook, written by Marvin L. Wolverton, Ph.D., MAI, is a guide for appraisers. It includes a review of essential math skills, advice on graphically illustrating data and statistical analysis instruction.

Collateral Investigator, an online application, was launched by FNC Inc., a Sept. 22 news release indicated. The new offering provides access to residential real estate sales activity, information to help identify foreclosures or flips and details about the subject property's comparables and neighborhood.

Smithfield & Wainwright LLC will uitlize the SAS70 Type II-compliant from Peak 10 Inc. for a fully-managed virtual platform, a news release said. Florida-based Smithfield & Wainwright is a full-service real estate appraisal and valuation firm that operates nationally.

Coester Appraisal Group announced in August that it was approved as an AMC by Gateway Bank, F.S.B.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.


GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.



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