Lender Processing Services Inc. (LPS) has announced the release of its Home Equity Valuation solution that meets the interagency guideline requirements for both appraisals and evaluations for home equity loans. In support of recent advisories from the Office of the Comptroller of the Currency (OCC) urging banks to strengthen their oversight of the home valuation process related to home equity loans, LPS' Home Equity Valuation solution provides a USPAP-compliant appraisal report format that meets these higher standards.
It incorporates an automated valuation model (AVM), a subject property inspection by a local, licensed real estate professional, and a state-licensed or certified appraiser's independent desktop appraisal for a credible, cost-effective valuation.
Additionally, the Home Equity Valuation workflow can be customized to meet client-specific risk management policies. For example, more complex properties, such as those that are high-end, rural, or have a unique design or location, can be seamlessly upgraded to more traditional drive-by or interior appraisals, to offer clients a solution that addresses all of their home equity valuation needs.