Stewart Mortgage Information, Houston, has unveiled Stewart Assured Value Estimate, which allows lenders to buy warranty coverage for automated valuation model or appraisal products ordered via SMI.SMI said its ValuLogix platform enables lenders to use various AVMs based on certain underwriting criteria, and if the chosen AVM isn't satisfactory they can move up to a broker price opinion, a drive-by appraisal, or a Uniform Residential Appraisal Report. The SAVE product protects lenders against loss by warranting the accuracy of the property valuation as of the date of the AVM or other appraisal product, the company said. "Lenders can now obtain a much more cost-effective appraisal product without taking on the risk of loss in a foreclosure due to inaccurate valuations," said Kevin Gugenheim, SMI's president and chief operating officer. The company can be found online at http://smi.stewart.com.
