ISGN Corporation, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has announced the launch of iAppraisal Advantage, a new valuation service that combines an analytical desktop-based property valuation completed by an in-market licensed or certified appraiser with an exterior inspection by a licensed real estate broker or agent.
iAppraisal Advantage is an intermediary product that bridges the gap between an automated valuation model (AVM) or desktop appraisal and traditional appraisal products while providing greater depth of statistical information at a reduced turn time. ISGN’s new product provides better confirmation of value than a traditional AVM and can be used to support loan portfolio evaluations, home equity origination, credit renewal, and default and loss mitigation services. It is not designed to support first mortgage purchase loans.
iAppraisal Advantage is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and meets the new federal interagency guidelines by combining a desktop with a property inspection. iAppraisal Advantage is more robust than a traditional AVM or desktop appraisal because it employs a local appraiser who performs a desktop valuation of the subject property with MLS and analytical data supported by neighborhood and comparable sales analysis. It also validates the condition of the property with an exterior inspection by a licensed real estate broker or agent. After the licensed or certified appraiser submits a valuation, ISGN performs a quality control (QC) review before delivering the valuation to the customer.
“iAppraisal Advantage gives lenders and investors a holistic view of the property, including information on the neighborhood accompanied by recent sales and inventory trends to enable stronger credit and investment decisions,” said Jeryl Graham, executive vice president of valuations operations at ISGN. “This new valuation product will appeal to servicers of home equity loans and to lenders and servicers in the areas of default and loss mitigation. We’re excited to offer the industry a significant valuation alternative in iAppraisal Advantage, which provides better confirmation of value than an AVM or drive-by appraisal and offers a timely solution to ease USPAP compliance.”