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Tag Archives: Appraisals

New Valuation Product Combines Three BPOs

Valuation Vision, based in California, has released a new valuation product that relies on the assessments of not one but three real estate professionals. BPOMerge offers servicers and investors a comprehensive report with broker price opinions (BPOs) from three real estate agents. MergeValue then analyzes the comparables the agents relied on and employs advanced algorithms to calculate a single price based on all the data from the agents. Each agent's comparables are weighted by the agent's performance metrics.

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Fed Study: Overpriced Foreclosures Hiking REO Carrying Costs

Appraisers, lenders, and investors appear to be routinely overestimating the values of homes prior to foreclosure, especially in the weakest housing markets, according to two economists with the Federal Reserve Bank of Cleveland. Their report suggests that more accurate pricing could speed the clearing of REO inventories, save lenders money by reducing the carrying costs associated with bank-owned homes, and bring greater stability to housing markets across the country.

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AGA Seeks to Overturn Fed Ruling

The American Guild of Appraisers (AGA) petitioned the Fed and the Consumer Financial Protection Bureau to overturn a regulation that allows appraisers to be paid a fraction of what can be defined as a customary and reasonable fee, a release from the AGA stated. In 2010, Dodd-Frank rules were enacted to establish certain requirements for appraisals, including one to “ensure that creditors and their agents pay customary and reasonable fees to appraisers,” according to the Dodd-Frank website. But last year, the Fed introduced a new law that the AGA views as undermining the original Dodd-Frank requirement.

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JVI Solutions, Active Data Technologies Forge Technology Agreement

JVI Solutions LLC, a nationwide appraisal and inspection services provider, and Active Data Technologies Inc., the parent company of Foreclosure.com, announced Wednesday that the two Florida-based firms have forged a technology partnership which they describe as ""game-changing."" The joint venture will soon introduce a proprietary automated home appraisal and broker price opinion (BPO) system that integrates interactive analytical data into a mobile platform.

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Property Valuation Fraud Rises Following Decline

The risk for property valuation fraud rose nearly 8 percent for this fourth quarter, according to the Mortgage Fraud Risk Report released by Interthinkx. This rise caused certain regions of the New York Tri-State region to move into the high risk category. The national mortgage fraud risk index also increased by 1.4 percent compared to the last quarter and 3.6 percent since a year ago. With an index value of 247, Arizona overtook Nevada as the riskiest state. Nevada, now at number two, ranked first in this category since the first quarter of 2010.

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StreetLinks Expands Executive Sales Staff

StreetLinks Lender Solutions has expanded its executive sales staff to accommodate the company's growing nationwide base of lender and appraiser partners. Shane Martin joins as VP of national sales, Tony Gioia assumes the role of VP of national external sales, Mark Tague has been tapped as assistant VP of national sales for LenderX, Joel Munn also steps into the role of assistant VP of national sales, and Geoffrey Helmen is StreetLinks' newest national account manager.

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Appraisal Institute Offers Guidance on Distressed Comparables

The Appraisal Institute has released guidelines to instruct its members on how to deal with distressed sales and foreclosures when seeking comparables. According to the organization, some homeowners claim appraisers have undervalued their homes by relying on nearby foreclosed and distressed homes to assess a property's value. The Appraisal Institute stresses that qualified appraisers know what adjustments to make when using distressed sales as comparables, but because the issue is ""particularly crucial"" in the current market, it's offering additional guidance.

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Valuation Partners Hires VP and National Account Executive

Valuation Partners, a national appraisal management company, has hired Clint Reinhardt as VP and national account executive. Reinhardt brings more than 25 years of appraisal, mortgage banking, and settlement services experience to the company, as well as sales leadership and knowledge of credit, flood, and automated valuation products and services. Reinhardt will be responsible for broadening Valuation Partners' reach in the central United States.

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Banking Veteran Lisa Scott Joins MountainSeed Appraisal Management

MountainSeed Appraisal Management, which serves community and regional financial institutions, announced last week that Lisa Scott has joined the company's sales division. Scott was previously the national sales manager for Valuation Management Group. She originally established herself as an account executive with First American Title Insurance Company, where she worked for more than 15 years.

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BestAssets Taps REO Veteran to Head Asset Management Services

BestAssets has named Melvin Siemer to the position of EVP and director of asset management services, responsible for the national strategic growth of the company's operations and business development. Siemer leads a team of REO and default servicing professionals that service national, regional, and community banks, as well as credit unions and mortgage servicers. He also works closely with a national network of real estate brokers, subcontractors, appraisers, and property inspectors.

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