Solidifi U.S., an appraisal management services provider, has announced that it has launched Solidifi iQ 2.0, an upgrade to the Solidifi iQ scorecard that debuted in 2009, Version 2.0 equips lenders with a great deal more flexibility in providing transparency and quality through the valuation aspect of loan origination for the benefit of investors, rating agencies and other stakeholders in the lending process. Solidifi iQ 2.0 is an objective score that provides a view of appraisal quality and completeness based on professional standards and industry requirements.
Scores range from 0–1000 and are dynamically weighted based on the last 10 appraisals an appraiser completes for Solidifi. Scores are further segmented by the type of service an appraiser provides—valuation or desk review. Solidifi also conducts a quality control program to further ensure the integrity of appraisals of those 10 appraisals.
“Solidifi wants to ensure its customers are connected to the right appraiser the first time," said Solidifi U.S. President Griff Straw, CMB. "That’s why we’ve enhanced our appraiser transparency strategy to provide features that allow financial institutions to make important decisions about the appraisers to whom they entrust their collateral valuations. Our Solidifi iQ 2.0 score and Appraiser Transparency Report are key to this commitment.”
The Solidifi Appraiser Transparency Report supplements the iQ scorecard and is aimed at driving appraisal quality and speed. The real time report compares the performance of appraisers within a specific market area—without violating privacy concerns. Comparisons are based on appraisal turn-around time, revision rate and an appraiser’s Solidifi iQ score. Solidifi then provides a variety of reports to customers that indicate how appraisers rank against each other. From there, customers can make decisions about the appraisers with whom they want to work, thereby ensuring they are initially connected to the right appraiser.
“The industry needs tools to boost precision, quality and transparency to rekindle investor confidence,” said Straw. “Our appraiser transparency strategy does this and responds to upcoming issues surrounding appraisal quality, like Dodd-Frank compliance, Fannie Mae’s Loan Quality Initiative (LQI) and the GSEs’ Uniform Collateral Data Portal (UCDP),” Straw explains. “We’re also able to give credit where credit is due—to our appraiser partners as they show their dedication and commitment to quality. It’s a win-win for all involved.”
