eAppraiseIT Unveils Reverse Valuation System

First American eAppraiseIT, a provider of real estate valuation products and services, has announced the release of a hybrid valuation product designed to help the reverse mortgage industry assess and monitor the value and condition of portfolio properties. The company said ValueView addresses a "major concern" of reverse mortgage lenders: the possibility that properties with reverse mortgages will fall into disrepair. "Reverse mortgage customers frequently have properties requiring repairs, which can affect the lender's ability to sell the loan," the company said. First American eAppraiseIT described ValueView as a "low-cost, data-driven solution" to monitor market value and property condition after a loan has been made. It combines a "drive-by" inspection with a valuation determined by two comprehensive automated valuation models, the company said. Lenders receive a current photograph and a concise on-site inspection report that answers questions concerning the property condition, its overall marketability, and the state of the surrounding neighborhood.