""CoreLogic"":http://www.corelogic.com, a California-headquartered provider of information, analytics, and business services, says its automated valuation models (AVMs) can assist mortgage lenders in complying with the new federal standards on property valuations.
The ""new standards were released"":http://dsnews.comarticles/federal-reserve-and-other-agencies-release-new-appraisal-guidelines-2010-12-02 December 2 by the five federal bank regulatory agencies -- the Office of the[IMAGE] [COLUMN_BREAK]
Comptroller of the Currency, Federal Reserve, FDIC, National Credit Union Administration, and the Office of Thrift Supervision.
The new regulations emphasize the need for risk-focused appraisal reviews, independence in the valuation process, rigorous AVM testing and documentation, enhanced documentation of property condition, and valuation updates during the life of the loan.
""Our AVMs, collateral risk tools, delivery platforms, inspection reports, and AVM cascades permit clients an unparalleled ability to apply risk-based criteria to the selection of AVMs,"" said Susan Allen, VP of collateral solutions at CoreLogic. ""CoreLogic offers our clients assistance with documentation and due diligence concerning all of our products and services in order to facilitate informed decisions and support compliance with the guidelines.""
An overview of the new rules as they relate to AVMs and how lenders can meet the new requirements are available on ""CoreLogic's Web site"":http://www.corelogic.com/About-Us/ResearchTrends/The-AVM-Industry.aspx.