""SharperLending, LLC"":https://www.sharperlending.com/main/default.asp, a Spokane, Washington-based provider of appraisal and settlement services technology[IMAGE]
solutions, announced Tuesday that it has expanded its Appraisal Firewall technology product to offer automated appraisal reviews through a new partnership with ""MDA Lending Solutions"":http://www.mdasolutions.com/ and ""ValuationLogic, Inc."":http://www.valuationlogic.com/index.htm
As a result of this expansion, lenders can now run each appraisal through a rule set that performs a detailed check for errors and takes a matter of seconds to complete. This, the companies said, will help lenders make faster underwriting decisions and increase loan production.
Appraisal Firewall is a valuation technology platform that enables lenders to keep working with their trusted local appraisers while also staying in compliance with the Federal Housing Administration and the Home Valuation
Code of Conduct. But rather than offering manual appraisal reviews, SharperLending and MDA Lending Solutions have teamed up to incorporate ValuationLogic's patented review tool, CollateralLogic, into the Appraisal Firewall workflow.
This partnership reflects an increased focus on the use of technology in the mortgage marketplace for managing appraisal workflow, the companies said in a statement.
""Delivering CollateralLogic through SharperLending's Appraisal Firewall platform automates work that an underwriter does manually today,"" said Mike Dealy, president of MDA Lending Solutions, a provider of advanced information solutions to the real estate lending industry.
By incorporating the CollateralLogic automated appraisal system, a completeness check will be provided at the time of report submission, rather than putting the appraisal in line for manual review. This will help ensure that potential risks are caught at the time of submission, which will in turn accelerate the review process and save all parties time and money in curing report issues, the companies explained.
""The integration will save lenders a lot of work and save underwriters time in resolving potential issues,"" said Robert Palmer, president and CEO of ValuationLogic. ""Advances in technology coupled with the critical need to thoroughly scrutinize appraisals and collateral are achieved through this partnership.""