AXIS Appraisal Management Solutions announced the launch of a new alternative appraisal product solution, GEAR AP (GeoScore Evaluation/Appraisal Report). GEAR AP is a new generation of valuation solutions that takes a consumer focused design-driven approach to real estate evaluations. GEAR AP was built to meet all the Interagency Evaluation guidelines as well as USPAP requirements as an appraisal report.
Fueled with multi-source data, rules-driven validation, and appraiser-derived analytics, GEAR AP is a fully compliant product that is classified as an appraisal report, simplifying the complex adjustments of the traditional appraisal.
“We’ve created our GEAR products with a lot of visual clues to help the user understand market indicators and the valuation in a very visual, graphic way,” said Kim Perotti, executive vice president at AXIS. “It intentionally looks a lot different than other appraiser driven alternative products.”
GEAR AP reports are available both as a desktop or exterior inspected product, and are generally more cost-effective than a traditional appraisal. Much like an appraisal, the local appraiser performing the valuation provides the exterior inspection. The appraiser utilizes Valytics, fueled by its patented GeoScoring methodology, to complete the report.
GEAR valuations are a good solution for lower-risk loans of many types, Perotti explained. “Currently there are very limited choices for HELOC loans. For the most part, lenders are utilizing full appraisals or drive-by evaluations. Because of our technology we’re able to perform a very good evaluation at a lower price point.”
“AXIS collaborated with Zaio and Valuation Vision to introduce GEAR AP with the intent on leveraging it’s experienced vendor panel to reach nationwide coverage,” stated Perotti. “This is just part of our overall strategy to provide our clients with a full range of valuation solutions.”