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

Appraisal Firms Prepare for CFPB Rules

Recent appraisal service activity

Nov. 12, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Valuation service providers have developed a host of materials designed to help mortgage lenders comply with new rules that go into effect in two months. Other recent advancements and collaborations in the sector address improved efficiency.

An online appraisal ordering platform has been designed specifically for mortgage brokers and correspondents by PCV Murcor. An Oct. 22 news release indicated that ValuationsDirect was designed to deliver an easier, more transparent method of ordering appraisals.

Without signing up, third-party originators can immediately order appraisals in all major U.S. markets with just a credit card payment. Clients have online access and receive status reports.

PCV Murcor is cautioning lenders to exercise caution when choosing AMCs since regulators will hold lenders responsible for appraiser misdeeds. The Pomona, Calif.-based company highlighted an Office of the Comptroller of the Currency bulletin that recommends new risk management guidelines for third-party vendors at banks and thrifts.

Lenders Processing Services Inc. integrated ValuTrac Software into its Loan Quality Gateway, a news release last month said. The collaboration enables ValuTrac clients to operate more efficiently by eliminating manual data entry for appraisal orders.

LPS also said last month that it released Home Equity Valuation solution, which it claims meets the interagency guideline requirements for both appraisals and evaluations for home-equity loans. The offering supports recent OCC advisories and provides a USPAP-compliant appraisal report format that meets the higher standards. AVMs, realtor inspections and appraiser desktop reports are utilized.

In support of a 31 percent quarterly expansion of clients, ValuTrac added 3,000 square feet to its Flower Mound, Texas, location.

Accuracy testing and calibration has been completed on each of Platinum Data Solutions' 18 non-proprietary automated valuation models available through its OptiVal platform, an October news release indicated. The platform automates AVM performance assessments -- generating results in just minutes versus days or weeks required in manual AVM analysis.

Scoring functionality was upgraded on RealView technology, Platinum Data said in another press release last month. The new scoring function measures overall appraisal quality. It screens compliance with GSE, UAD and USPAP guidelines; credibility with best practices as determined by subject matter experts; and complexity on atypical properties.

"Platinum's new quantitative scoring feature indicates how the appraisal and subject property rank regarding the top factors that can put lenders at risk of noncompliance, buybacks and fraud," the Aliso Viejo, Calif.-based firm stated. "It provides users with the fastest way to gain a deeper understanding of the quality of their appraisals and properties."

Nationwide Appraisal Network said on Oct. 7 that it now offers broker price opinions through its real estate broker network. Agent and broker licenses are automatically cross checked to confirm an agent is up to date and competent for completing the requests in a particular market. The BPOs can be stored securely online and retrieved when needed.

A new compliance procedure manual announced last month by Nationwide Appraisal Network is reportedly the first such manual from an AMC "that details how the firm will comply with new regulations from the Consumer Finance Protection Bureau." The manual addresses CFPB rules that take effect on Jan. 1, 2014, requiring lenders to ensure third-party providers have such written procedures.

That same week, Nationwide said it added RealView, an automated quality control tool, to its platform. The tool reportedly cuts appraisal report errors by at least 60 percent.

Appraiser Intelligent Review, a new automated artificial intelligence based appraisal review system, has been released by Coester Valuation Management Services. The service automatically reviews all reports completed by Coester VMS network appraisers using a two-part process that includes initial validation of key fields and by nested analytics to ensure adherence to applicable FHA and GSE requirements.

"Nothing like this has even been close to done before, we are not using just a base checklist but this is actual appraisal logic and will be more accurate than anything ever done," Coester VMS Chief Executive Officer Brian Coester said in the announcement. "The great part about this is the more information and data a client puts into the system the more accurate it is."

An online pool tracking service is being added to all of CoreLogic Inc.'s validated BPOs, an Aug. 20 statement said. The offering provides up-to-the-minute status, broader access and transparency for capital markets and servicing clients.

A white paper published by a la mode will help lenders prepare for upcoming rules that go into effect in January. Appraisal Quality Control: Best Practices for accuracy, efficiency, and compliance is a collaborative work from Mercury Network, AXIS Appraisal Management Solutions and MasterServ Financial.

An electronic book from MountainSeed Appraisal Management addresses new appraisal requirements for lenders. The e-book addresses higher-priced loan appraisal requirements, when second appraisals are needed and the "Safe Harbor Review."

Dart Appraisal said in October that its integration with Ellie Mae's Encompass360 was significantly expanded with direct user-to-AMC communication and other automated functions to speed the mortgage loan process.

Also announcing an integration with Ecompass360 last month was Global DMS.

Default service provider Quandis said on Oct. 1 that it developed a number of different new integrations between its clients and the technology platforms that are used to place and securely transmit data on completed valuation orders.

In the commercial real estate appraisal business, Situs announced that it expanded its valuation management business with the appointment of several new executives. The New York-based company is a Lewis S. Ranieri Company.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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