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VA to Implement CoreLogic's Appraisal Tool for Quality Control

Nov 05, 2014

CoreLogic has announced that its LoanSafe Appraisal Manager product has been chosen by the U.S. Department of Veterans Affairs (VA) to help ensure that real estate appraisals meet established VA requirements and standards. LoanSafe Appraisal Manager will be integrated into the VA’s WebLGY system, which manages multiple aspects of the VA’s review process when guaranteeing mortgages. All appraisals delivered to the VA through WebLGY will automatically run through LoanSafe Appraisal Manager as they are submitted.

The VA processes hundreds of thousands of mortgages per year through WebLGY and previously required additional tools to help manage and monitor the appraisal quality. LoanSafe Appraisal Manager will provide the VA and lender-based staff appraisal reviewers with the ability to thoroughly and efficiently examine appraisals. Each appraisal will be scored and the system will produce benchmarking reports enabling the VA to understand risk across a variety of dimensions.

LoanSafe Appraisal Manager assesses appraisals from multiple risk viewpoints, producing a valuation risk score and an integrity risk score for each appraisal. The tool performs an analysis of comparable properties used in the appraisal, and alerts reviewers to areas of the appraisal where a more detailed review is warranted. The unique valuation risk score measures both overvaluation and undervaluation risk utilizing CoreLogic market leading automated valuation methods together with extensive proprietary property, MLS and market data. The integrity risk score indicates the potential risk associated with the construction of the appraisal. As part of the integrity analysis, LoanSafe Appraisal Manager reviews missing or incomplete data fields, validates required and conditionally required fields, and verifies compliance with UAD (Uniform Appraisal Dataset), USPAP (Uniform Standards of Professional Appraisal Practice), FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act), FHA (Federal Housing Administration), VA (Veterans Administration), GSE (Government Sponsored Enterprise) and other quality checks.

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Nov 05, 2014
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