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Appraisal Services Increase Accuracy, Reduce Risk

Appraisal

When it comes to appraisal services, integration among service providers is the name of the game in today’s environment. The latest round of valuation service improvements focus on improved accuracy and compliance with a plethora of rules and requirements.

Valuation accuracy for mortgage servicers will improve as a result of a news suite of products that integrate proprietary data and patented analytical algorithms into traditional property valuations, CoreLogic announced Friday.

The products include a report that integrates both automated and judgment-based estimates of market value, a broker price opinion that helps determine the current potential selling price of properties securing defaulted loans, and an automated statistical value conclusion enhanced by a real estate valuation expert selecting the most appropriate comparables. It also includes a report that reconciles disparate values and relevant information based on data analysis by an appraiser or trained real estate analyst as well as physical inspection reports and automated valuation models.

Following months of design and development, a new proprietary operating system was announced last month by United States Appraisals. The Overland Park, Kan.-based appraisal management company claims that the new technology platform, which was developed with input from appraisers and the mortgage industry, increases efficiency and eliminates redundancies, non-value added activities and wasted costs. The development was driven by several weaknesses exposed as a result of rapid growth.

Through the new platform, United States Appraisals says its appraisers will be paid on a weekly basis. The Mortgage Daily advertiser noted that while most competing AMCs demand quick turnaround from their appraisers — they are slow to make payments. The rapid payment process will incentivize appraisers to provide speedy turnaround.

Valuation Partners announced this month that an integration with Ellie Mae’s Encompass360 provides clients of the AMC with seamless access to its appraisal products and services through the mortgage management system from Ellie, another Mortgage Daily advertiser.

In another alliance between a valuation services provider and an origination technology provider, SharperLending LLC said this week that its Appraisal Firewall product has been integrated with Financial Industry Computer Systems Inc.’s loan origination system, Loan Producer. Using the MISMO Property Valuation Interface, users of the LOS can access real estate appraisal data and approved appraiser panels.

An announcement earlier this month from Platinum Data indicated that its RealView automated appraisal quality verification technology was integrated with Spokane, Wash.-based SharperLending’s Appraisal Firewall. In addition, Platinum Data’s independent AVMs, flood solutions and RealCondition property reports will be available through SharperLending’s bundled services platform.

A “significant enhancement upgrade” to VeroSCORE was announced in September by Veros. VeroSCORE reportedly uses sophisticated automated analysis, enabling users to instantly determine if an appraisal might be rejected, requires manual review or needs further due diligence. In addition to an improved user interface, the appraisal scoring service emphasizes validation of the Uniform Appraisal Dataset and includes a pre-check prior to loan submission against known requirements through the Uniform Collateral Delivery Portal that was built by Veros.

Appraisal Score has become the first appraisal review tool to receive a U.S. patent, a Sept. 18 statement from FNC Inc. indicated. The automated service, which reportedly solves the problem of a broken appraisal process, is used to discern compliance, risk and fraud issues in residential appraisals. Problems are addressed prior to loan funding or acquisition.

A new, more robust and economical version of Collateral Point maintains its value accuracy and market insight, according to Pro Teck Valuation Services. The enhancement recognizes the appraiser’s value as an analyst while bringing efficiency, methodology and validation to the evaluation process. It enables the appraiser to focus on analyzing information instead of collecting it.

Coester Vendor Management Services is being utilized by First Guaranty Mortgage Corp. to help centralize its appraisal and valuation operations, an Oct. 1 news release indicated. Coester will manage and operate appraisal services for all of First Guaranty origination channels and help establish uniform and efficient processes coordinated through centralized software.

In the commercial real estate sector, Commercial Broker Opinion of Value was launched last month by PCV Murcor. Mortgage firms can save an average of 60 percent by utilizing the appraiser-reviewed, regulation-compliant alternative to traditional commercial appraisals, according to an announcement. The product is being peddled as a credible alternative to the inaccurate BPOs and broker opinions of value that have become popular.

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