In the valuation industry, an appraisal management company has been acquired, while several AMCs have partnered to create a bigger firm. Other AMCs have enhanced their offerings.
The biggest news of the day is CoreLogic Inc.’s announcement Tuesday that it has reached an agreement to acquire Mercury Network from Serent Capital.
Irvine, California-based CoreLogic noted that it has already acquired a 45 percent passive minority stake in Mercury and plans to purchase the remaining portion this year.
Oklahoma City-based Mercury provides software that it utilized by 800 small and mid-sized mortgage lenders and appraisal management companies.
A white paper from LRES entitled Effective Communication with Lenders to Alleviate Problems Caused by Appraisal Shortages addresses how a lender’s relationship with real estate service providers will be impacted by the severe appraisal shortages.
“The appraisal industry is currently suffering as it works to overcome challenges that are preventing new professionals from entering into the business, and the entire lending cycle is suffering delays as a result,” LRES founder and Chief Executive Officer Roger Beane said in the statement. “This white paper outlines ways to overcome these challenges and how effective communication greatly mitigates the risk of losing business.”
A partnership was formed earlier this year between five AMCs to create Valucentric LLC. The company provides a full range of valuation services in 15 states and the District of Columbia. Existing clients of the partners won’t have to make any changes in order to do business with the partnership.
Valucentric’s founding partners are The Trice Group, Real Valuation Services, Chicago Appraisal Center, JSG Real Estate Services and Global Real Property Solutions. The addition of partners in more states is currently in the works.
A recent announcement from Dart Appraisal indicated that its new Value Report provides an on-demand valuation, risk assessment and market data for a single property or entire portfolios. It provides the property’s sales history and ranks the home against the 10-closest comparables. It also gives the lender an understanding of the local market and a three-year value forecast.
Dart created the report in collaboration with HouseCanary
in order to address lender demand for more accurate, streamlined valuation products.
A news release Tuesday indicated that Ditech Financial LLC has approved Troy, Michigan-based Dart as an AMC.
Pendo recently announced the launch of an automated Uniform Standards of Professional Appraisal Practice Standard 3 compliance tool. The AMC said the tool allows an appraiser to view the original appraisal,review form and supporting market data all in one view. It also tracks the number of appraisals completed in each state and provides an alert when it is time to complete more reviews to meet state AMC requirements.
Lee Summit, Missouri-based Pendo
additionally developed an appraiser recruiting tool to find, track and engage appraisers for traditionally difficult assignments involving unique properties and properties in high-demand or sparsely populated areas.
Appraisal management software provider InHouseUSA has selected ACI Sky for appraisal delivery and review, a recent statement said.