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Freddie Mac PMMS: Lower than expected inflation and weaker housing allowed most mortgage rates to ease

National Mortgage Professional
Oct 24, 2008

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 extensive needs. "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.
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