LRES announced Moorpark, Calif.-based PennyMac Financial Services has signed on for LRES’ residential valuation services for its retail lending division. LRES also provides PennyMac with ProCheck interior and exterior enhanced BPO services for its short sale division.
For PennyMac’s retail lending division, LRES manages appraisals that comply with all USPAP requirements as well as with all state and federal appraiser independence regulations for PennyMac’s customers. LRES’ automated selection process assigns the most experienced local appraiser for PennyMac in every market for each appraisal. The review of the appraisal by LRES staff ensures all appraisals meet underwriter readiness and meet all regulatory requirements, including those set by PennyMac and HUD.
LRES also provides both exterior and interior enhanced BPO services for PennyMac’s short sale division. Each BPO is audited by an LRES valuation expert and scored for quality and timeliness to ensure accuracy.
“We developed our relationship with LRES because the company has a solid reputation throughout the industry for cost effectively managing its network of appraisers, which delivers quality appraisals quickly, with a strong focus on compliance,” said Paul Atkinson, first vice president of PennyMac.
“We look forward to nurturing a long-term partnership with PennyMac and providing quality service and customizable valuation solutions for its customers,” said Roger Beane, CEO of LRES.