The FDIC and Office of the Comptroller of the Currency have decided to increase the FIRREA threshold for residential real-estate transactions requiring an appraisal from $250,000 to $400,000.
If the Board of Governors of the Federal Reserve also votes to increase as expected, lenders will have access to a new suite of valuations available for loans within the new threshold. Decision-makers can employ a much more nuanced approach to determine which valuation product is acceptable while balancing business value and risk. We expect the use of alternative valuation products will be expanded under the new rules.
Are You Ready to Leverage Technology?
When the vote is finalized, there are two products you should be using more of to lower costs and decrease turn-times.
ValueNet™ – Combines Speed, Value, & Quality
Innovation in what has been called a desktop or hybrid/bifurcated appraisal has resulted in new options that are more accurate and compliant than past alternative valuation methods – while still providing a low cost and quick turn time.
Lenders who use the ValueNet™ suite of appraisal products from Accurate Group, gain access to leading-edge technology that combines best-in-class vetted and crowd-sourced local data with certified local appraisers – resulting in a thorough assessment of each property, quality-controlled by a licensed appraiser. Our robust, bifurcated appraisal technology platform and tailored scopes of work, allow an appraiser to complete more appraisals at lower cost and with faster turnaround times without sacrificing accuracy.
ValueNet delivers more accurate, regulatory-compliant appraisals and property condition reports faster and at a lower cost than traditional solutions and is the market leader in bifurcated appraisal products and desktop appraisal technology.
Watch the ValueNet video for an overview of the ValueNet appraisal technology platform. With both interior and exterior inspection options, support for loans at every level and an 18-year track record, ValueNet can help you improve the profitability of your home equity, HELOC and portfolio loan businesses.
eValWorks™ – Faster, Lower Cost Property Evaluations
eValWorks™ was created to meet the market demands for speed, accuracy and profitability while delivering the best borrower experience. Accurate Group gives you the edge you need to lower costs and accelerate turn times — all while serving as the launch point for a powerful digitally-enabled valuation cascade.
By using eValWorks, Lenders can benefit from independently-validated AVM models, plus integrated PCR and review — all in one unified bundle. This combination delivers greater accuracy while still giving you fast turn times and keeping costs low — 50-80% lower than desktop appraisals or traditional appraisals.
eValWorks is just the starting point for a full-spectrum appraisal cascade offered by Accurate Group. Our technology-enabled products automate the selection and delivery of the right valuation type for each loan. At each point in the cascade, you can jump to the next higher alternative without duplicating costs. If a borrower risk profile changes mid-stream, eValWorks will seamlessly transition to our ValueNet desktop appraisal product or a traditional appraisal. The open architecture, API-enabled foundation that underlies all of our technology ensures you and your borrowers benefit from a true digital experience that can be fully integrated with other digital mortgage applications.
By leveraging the leading real estate valuation solutions, you are preparing your organization for what the future holds and remaining one step ahead of your competitors.
If you are already working with the Accurate Group, rest assured you have a leg up on the competition. Accurate Group provides valuation solutions to 22 of the top 25 U.S. banks, credit unions and mortgage lenders of all types. Through relationships with more than 10,000 appraisers nationwide, we manage more than 25,000 appraisals each month. Since 2010, Accurate Group has managed all types of appraisals on more than $450 billion in property value and has closed or recorded over $400 billion in loan volume for its clients.
About Accurate Group
Accurate Group is a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions. Accurate Group combines exceptional service, innovative technology and its proprietary AccurateAudit™ compliance foundation to provide banks, credit unions, servicers, non-bank lenders and capital markets firms with the best combination of speed, quality, regulatory compliance and price.
With Accurate Group, lenders, consumers and capital markets firms benefit from market-leading solutions that improve accuracy, lower costs and improve compliance across all types of real estate loans, mortgage-related assets and real estate portfolios.
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