Services that help lenders comply with the Home Valuation Code of Conduct — which goes into effect Friday — are available on an outsourced basis or as a software application. Some services focus on cutting expenses, while others preserve existing relationships with appraisers. In other appraisal activity, a hybrid service utilizes technology and local inspections to provide lower cost valuations.
An appraisal manager user type has been added to the loan processing and customer service application LoanMarq, Sthenia Solutions said today. In addition to maintaining HVCC compliance, the new feature enables coordination of all the home valuation aspects of mortgage transactions.
Knoxville, Tenn.-based Sthenia noted that the new function for the online application will cut expenses by keeping HVCC compliance in-house.
Appraisal management functionality has been added to MDA MindBox’s ePolicy, a statement yesterday indicated. A newly added managed-appraisal portal helps lenders comply with the HVCC requirement that appraisals are ordered from non-biased third-party sources. The automated product selection workflow system provides retail and wholesale lenders with the ability to screen and rate approved appraisers based on business rules. The system identifies the highest performing options and uses filters to screen for certification as well as cost, availability and location.
“The enhancements enable lenders to improve loan application cycle time and to reduce the expenses associated with settlement services,” MDA said.
The OASISOne platform has been implemented by Exchange Bank of Sonoma County to ensure compliance with HVCC requirements, Global DMS –a MortgageDaily.com advertiser — announced on April 16. The Web-based centralized appraisal management software was created in 1999, and its features include HVCC best-practice mandates.
But StreetLinks National Appraisal Services — also a MortgageDaily.com advertiser — hopes to convince lenders to outsource the appraisal management process.Last month, the company said that its appraisal services can be ordered directly from the Calyx Point loan origination system.
This month, Fishers, Ind.-based StreetLinks said it was selected by Stonegate Mortgage’s wholesale division as a “preferred appraisal partner.” The selection was influenced by a high concentration of StreetLinks appraisers in Stonegate’s lending area.
An appraiser panel management product line launched by ServiceLink provides an HVCC compliant solution that enables lenders to maintain individual appraiser relationships, an April 16 announcement stated. ServiceLink said customers can leverage its “experienced management staff and technologies to certify their compliance.”
Lenders upload data about their current panel of appraisers to ServiceLink’s Vision system, and a lender-focused group within ServiceLink handles all appraisal management processes including contact with lenders, borrowers and appraisers as well as performance evaluations and quality control reviews.
“Lenders that continue to internally manage and fulfill their appraisal needs via their own network of appraisers are faced with additional risks, operating costs and administrative burdens,” Jeff Coury, president and chief executive officer of the Pittsburgh-based firm, said in the statement. “Our program … provides for the active management of the lender’s appraisal panel, including reporting on metrics related to individual appraiser’s quality and service levels, while eliminating the lender’s administrative demands of appraisal underwriting, appraiser invoice payment and 1099 reporting.”
Customers of Pro-Teck Valuation Services will be HVCC compliant when they utilize the firm to fulfill appraisals in their mortgage origination process, according to a news release last week. In addition to value modeling inspections, Pro-Teck’s services include appraisals, online reporting of real estate data and fraud scoring.
Waltham, Mass.-based Pro-Teck said it consults with clients about their internal processes tied to the HVCC initiative. They address appraisal portability and objectivity, while communication, compensation and documentation of compliance are also reviewed.
A conditioned valuation model launched last month by Integrated Asset Services LLC integrates automated valuation model technology with broker price opinions, a press release said. The offering costs half the price of a standard BPO but “allows for more comprehensive and affordable due diligence for those business applications requiring more than an AVM but less than a BPO.”
