Lender Processing Services Inc. (LPS) has announced the launch of Valuation Insight, a new solution that provides appraisal evaluations through LPS' Loan Quality Gateway. Valuation Insight features customizable business rules and combines LPS' extensive proprietary databases with external data sources to evaluate an appraisal; create efficiencies using workflow; reduce turn times and disputes; and identify potential repurchase issues.
Valuation Insight aligns with new government standards by first validating the appraisal's completeness, accuracy, consistency and Uniform Appraisal Data compliance. It returns any flagged valuations to appraisers for remediation—an approach that is unique in the industry. After the appraisal is complete, Valuation Insight assesses the external data sources and industry guidelines to create an overall appraisal quality score.
"This is a critical component of the investments LPS is making in its innovative loan quality origination solutions," said Dan Scheuble, chief operating officer of LPS. "By driving more standardized, complete, consistent and compliant appraisals, Valuation Insight can help meet increased expectations for higher appraisal quality, while addressing the challenges of new regulations and requirements for loan quality."
LPS' Loan Quality Gateway, which is powered by LPS subsidiary RealEC Technologies, is a proven, scalable technology platform, which supports efficiency and compliance with loan quality requirements through a 24/7 data exchange connected to most of the industry's service and solution providers.
"Valuation Insight is one of the key components of the Gateway that helps drive data quality, transparency and efficiency gains, assisting originators to meet higher loan quality standards," said Andy Higginbotham, executive vice president of LPS Loan Quality Origination Solutions.
