iMortgage Services Releases Comprehensive Collateral Report
iMortgage Services LLC, an independent national provider of collateral valuation and settlement services for the residential mortgage industry, has released Tier3, a collateral re-evaluation report. In a market environment beset by foreclosures, buybacks, insurance claims and uncertainty, smart mortgage industry professionals are looking for ways to independently and objectively determine the accuracy and validity of origination appraisals used in the decision making process.
Using a three-stage valuation process, Tier3 takes historical market context into full account, coupling it with the depth of knowledge and expertise of the highest quality appraisal professionals to produce the most accurate, objective, documented proof of a property's value at a given point in time.
The report can include two separately focused field inspections, plus a complete written analysis of all findings. The final report always provides a critique of the original appraisal performed by a licensed and certified appraiser on any piece of property or appraisal under quality assurance review. "Tier3 is a powerful tool for historic collateral assessment," explained Tom Frunzi, chief marketing officer for iMortgage Services. "And honestly, it couldn't come at a better time for our customers all across the industry. Many in the mortgage industry are finding themselves in the position of having to verify the validity and accuracy of appraisals performed at the time when loans were originated, however far back in the cycle that might have been.
"Tier3 now gives them the ability to do so. Being able to provide documented, objective evidence that an appraisal does or does not reflect an accurate assessment of a property's value at a particular point in time is invaluable in today's marketplace."
Drawing upon the expertise of iMortgage Services' network of qualified, licensed and certified appraisers, Tier3 gives mortgage professionals across the board servicers, mortgage insurance providers, investors and lenders alike the tools to prove the validity, or lack thereof, of historical appraisals and protect themselves in an uncertain market environment.