""eMortgage Logic, LLC"":http://www.emortgagelogic.com, a full-service real estate valuation company headquartered in Fort Worth, Texas, launched a collateral assessment report (CAR) that can join with an automated valuation model (AVM) in response to the recently published ""Interagency Appraisal and Evaluation Guidelines"":http://www.fdic.gov/news/news/financial/2010/fil10082.html.
Using its network of preferred brokers, eMortgage Logic's report addresses the content criterion necessary regarding a property's current physical condition and local market influences.[IMAGE] [COLUMN_BREAK]
""Adaptability to changing markets and changing needs is paramount in today's environment especially with such a rapidly evolving landscape,"" said Ralph Sells, president and CEO of eMortgage Logic. ""Lenders and servicers are expected to adapt in short order to new regulations with very little direction or guidance while being held responsible for compliance of these requirements.""
Sells says his company's focus is on providing the tools needed by offering flexibility with product development and customization. CAR can be customized to meet varying degrees of site inspection and compatibility with any AVM product on the market, he explained.
The new guidelines recommend lenders using AVMs consider performing an inspection to determine the physical condition of the property and local market factors that affect its value. eMortgage Logic assists lenders by supplementing AVM values with an external inspection that includes photos and other local market influences as determined by a licensed broker.
Lenders can order the inspection report concurrently or after a qualifying AVM value is determined.
eMortgage Logic utilizes AVMs from Collateral Analytics, CoreLogic, Real Info, and Veros.