Demand for valuation analytics lead mortgage loan analytics provider LoanLogics and Platinum Data Solutions into a partnership that links loan performance reporting to collateral valuation technology.
LoanLogics said it is integrating “a set of best performing” automated valuation models provided by Platinum’s independent loan management and monitoring platform OptiVal into LoanHD.
Following the partnership LoanHD will operate as a single-source solution that enables users to monitor mortgage loan risk and
The partnership responds to market demand, said LoanHD product manager Don Smith. LoanHD is working with banks and credit unions that are looking for “more accuracy and higher hit rates for collateral values,” and OptiVal offers an AVM cascade that delivers a hit rate of up to 95%.
The integrated offering enables lenders to generate AVMs from two providers, he said, plus receive a confidence score, an estimated high and low market value, along with the forecasted standard deviation of value assessments.
Platinum Data AVMs include data from a network of public and local private mortgage databases.
The goal is to combine loan-level and market-level data into one analytics solution that gives “lenders a better understanding of the risk they carry in the loans they originate and the assets they service,” said LoanLogics SVP product management, Ira Artman.
The combination of OptiVal with LoanHD aims to further advance solutions that address “valuations, compliance, loan quality, profitability and risk management during the loan lifecycle.”
Together with LoanLogics, said co-founder and chief operating officer of Platinum, Arturo Garcia, “we are delivering an advanced quality control, risk mitigation and compliance offering combined with highly accurate AVMs, that is customizable.”
