Freddie Mac has approved Platinum Data Solutions as one of nine authorized distributors of Freddie Mac’s Home Value Suite to mortgage lenders, servicers and other third parties, Platinum Data officials announced.
Freddie Mac’s Home Value Suite includes Home Value Explorer (HVE), an automated valuation model (AVM), and Home Value Calibrator (Calibrator), a quality control tool that analyzes the relationship between key loan information, borrower information and collateral valuation data. Click to continue
Pro Teck Valuation Services announced a new hybrid appraisal product for home equity and 2nd mortgage lending. The Appraisal Desktop with Inspection (ADI) is completed by an in-state licensed staff appraiser in compliance with USPAP standards.
ADI fills the gap between an Automated Valuation Model (AVM) with Property Condition Report (PCR) and a field appraisal. The ADI is a desktop appraisal that appraisers can complete and be USPAP compliant, and is more economical than field appraisal alternatives, such as a Form 2055. Click to continue
Lender Processing Services Inc. (LPS) has announced the release of its Home Equity Valuation solution that meets the interagency guideline requirements for both appraisals and evaluations for home equity loans. In support of recent advisories from the Office of the Comptroller of the Currency (OCC) urging banks to strengthen their oversight of the home valuation process related to home equity loans, LPS' Home Equity Valuation solution provides a USPAP-compliant appraisal report format that meets these higher standards.Click to continue
Equifax has announced the availability of its Collateral Value Connector, an automated valuation model (AVM) cascade that rank orders the industry's leading AVMs by accuracy to provide lenders a precise collateral valuation that can be depended on. In an effort to provide the lending community with a truly transparent and documented approach to AVM testing and facilitate compliance with federal regulatory guidelines, Equifax has partnered with Southwest Financial Services Ltd.Click to continue
CoreLogic has released its 2013 CoreLogic Storm Surge Report featuring updated estimations on both the number and value of single-family homes exposed to hurricane-driven storm-surge damage within the United States. According to this year's analysis, more than 4.2 million homes along the U.S. Atlantic and Gulf coasts are located within storm-surge risk zones, totaling more than $1.1 trillion in property exposure.Click to continue
Veros Real Estate Solutions has announced it is making its proprietary home price index, VeroHPI, available for commercial use for the first time. Now lenders, secondary marketers, servicers and analysts will have direct access to information previously available only in Veros products. This information includes sophisticated analytics with a repeat sales index, which immediately improves decision-making regarding residential property price trends in markets across the country.Click to continue
Veros Real Estate Solutions has been named a distributor of the Freddie Mac Home Value Suite, which includes the Home Value Explorer (HVE) and Home Value Calibrator. Freddie Mac's Home Value Suite is a defined set of valuation modeling tools that are designed to automate, streamline, and ultimately drive down the industry’s cost of collateral valuation. The suite was developed to serve lenders in processing and underwriting capacities, portfolio managers, quality control professionals, real estate brokers and Wall Street investors.Click to continue
CoesterVMS has implemented its flat fee model for residential appraisals. Under the flat fee model, which took effect on Jan. 1, 2013, all conventional appraisals are priced at $450 while FHA appraisals are $475. Appraisal management companies (AMCs) generallyutilize a tiered fee structure, whereby prices are determined based on the property type or the state in which the property is located.Click to continue
If you watched the 2012 Olympics, you already know something about valuation cascades, even if you didn’t realize it. A number of events involve multi-layered judging criteria, including diving, gymnastics or dressage. The realm of automated valuation model (AVM) cascades is similar, though obviously more complex, in execution. After careful review of performance by weighting various metrics, an AVM “cascade” is the identification of the best performer for the first, second and third (valuation) positions … or Gold, Silver and Bronze if you will.Click to continue
Automated valuation model (AVM) accuracy has increased dramatically in recent years due to model enhancements, the availability of new data sources and a renewed focus on valuation precision. The concept is pretty simple—the more applicable information that is available, the more accurate the property valuation model can be. Additionally, modeling systems and techniques have also been enhanced, which has resulted in the creation of more sophisticated AVMs.Click to continue