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Appraisal Industry Innovations

Recent innovations in the home valuation industry include improvements to the appraisal review process, appraiser performance measurement and enhanced desktop appraisals.

A desktop appraisal with a field inspection was announced on Oct. 25 by Nations Valuation Services. The report, NATIONSLINK, uses a third-party inspection.

According to the Prarie Village, Kansas-based firm,
the report can be used for portfolio lending, home equity and default as well as securitizations and servicing quality control.

“National Lenders tell NVS that NATIONSLINK replaces the long delays and expense of a traditional field appraisal with a three-day turn time on a regulatory desktop appraisal.,” the statement said.

First American Mortgage Solutions LLC’s smart valuation offering has reportedly reduced appraisal turn times by as much as 20 percent, according to initial field results, a news release last month said. The offering integrates big data, mobile technology and reconfigured workflows.

In Flower Mound, Texas,
ValuTrac Software revealed last month SnapShot, an automated appraisal review tool for residential and commercial valuations.
The tool evaluates data fields for errors, omissions and inconsistencies; cross references the appraisal’s data against the appraisal order’s data; and verifies appraiser status according to Appraisal Subcommittee and Department of Housing and Urban Development rosters. It also displays the appraisal value with the comparable sales adjusted value range provided in the report, and a HouseCanary automated valuation and confidence score.

Using a streamlined, predefined set of rules established by the user, which vary based on appraisal form, SnapShot findings can be flagged as hard stops or warnings.

ValuTrac
said on Nov. 15 that it launched the ValuTracOne appraiser portal and mobile application. The service enables appraisers to manage their appraisal order pipeline.

Two days earlier, ValueTrac reported that it ranked as No. 453 in the
Deloitte Technology Fast 500.

The implementation of Appraisal Quality and Performance Measurement
has been completed by Nationwide Appraisal Network, according to a recent statement from Theoris Software, which developed the standards. As a result, the AMC can rely on an appraiser score based on milestones like turn times, quality and reliability. Other factors that are considered in the score are the performance cost and due dates met.

CoreLogic Inc. revealed last month that
it was selected to provide HUD with a set of valuation and workflow solutions to mitigate losses to the Federal Housing Administration’s Mutual Mortgage Insurance Fund.

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