eAppraiseIT Focuses On Reconciling Values
First American eAppraiseIT here, a provider of real estate valuation products and services, is now offering a low-cost, one-page value reconciliation report that will help default and real estate-owned managers make loss mitigation and pre-foreclosure decisions.
The new offering, VRR Lite, like eAppraiseIT's original value reconciliation service, will give clients a better understanding of the reasons for differences between origination appraisals and subsequent loan servicing valuations and assist in the analysis of loan portfolios, retrospective value reviews, pre-closing and post-closing value opinions, and appraisal panel reviews.
VRR Lite offers lenders better visibility into the true value of their assets in pre-foreclosure situations, alerts them to indications of fraud and helps them develop more accurate bids for foreclosure sales and initial listing prices for REO properties, according to Michael Fosser, senior vice president of business development for First American eAppraiseIT.
"Our value reconciliation service anticipated the market's shift in focus from origination to servicing and responded to the need of resolving conflicting valuations of a property, resulting from the time the valuation was ordered at various stages of the origination, loss mitigation, foreclosure and REO cycle. Our new offering delivers the same insights into collateral values, but does it in a simpler, less-expensive report. This is a response to our clients and the market's needs to handle higher levels of default." (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/