HUD selects ValuFinders to perform REO appraisal reviewsMortgagePress.comHUD, valuation services, ValuFinders, REO appraisals, foreclosed properties, Troubled Assets Relief Program
ValuFinders Inc., a provider of valuation services to national
lenders, brokers and government agencies, announced at the MBA's
95th Annual Convention and Expo that it has been selected by the
U.S. Department of Housing and Urban Development (HUD) to perform
reviews of real estate owned (REO) appraisals for HUD-owned
foreclosed properties. ValuFinders will also perform reviews of HUD
pre-foreclosure sales properties.
Plans for the government to invest in the private banking sector
under the $700 billion Troubled Assets Relief Program (TARP) means
there will be a need to use valuation systems that have proven
success. And because everyone wants to see the results as soon as
possible for the sake of stabilizing the industry, ValuFinders is
in a unique position to help in that process.
"ValuFinders was selected for this important project because of
our history of successful performance on previous government
contracts, our valuation programs and products, such as Appraisal
CONCIERGE, as well as our technical expertise," said Joe Williams,
CEO of ValuFinders. "Since 2004, ValuFinders has provided HUD the
technology necessary to help manage its very large inventory."
Similar to private sector institutions, HUD's REO inventory is
increasing, while at the same time home values are decreasing. And
like the private sector, HUD wants to ensure that the appraised
values are accurate and supported.
HUD has chosen ValuFinders to review and analyze the original
appraisals for the purpose of certifying that the value is credible
and supported, as well as to protect against fraud and undue
influence exerted during the appraisal process. ValuFinders'
Web-based system, Appraisal CONCIERGE, will be used to accomplish
this task. Appraisal CONCIERGE is an outsourcing database that
places appraisal orders via the Internet and allows lenders to use
a blind draw system to randomly select a licensed appraiser.
ValuFinders is also developing customized technology to meet HUDs
"To assist the individual reviewers on this project, we are
developing specific technology and valuation tools that will aid in
the analysis and identification of trends or risk factors in either
a specific region or by a specific individual or group," Williams
added. "This will help the government track important geographic
information regarding collateral."
For more information, visit www.valufinders.com.