Tag Archives: Appraisals

Pro Teck Valuation Services announced this week that Dan Rizzotti has been promoted to director of quality improvement. He will report directly to Jeff Dickstein, the company's chief appraiser. Prior to his new position, Rizzotti was a senior account manager at Pro Teck. He is a certified appraiser with more than 15 years of real estate valuation experience across various sectors of the industry including origination, servicing, and capital markets.

Oklahoma-based a la mode announced this week that a second major technology provider has selected the company's Mercury Network to ensure compliance with Fannie Mae and Freddie Mac's Uniform Mortgage Data Program (UMDP). Lender Processing Services' LSI division is the latest to sign on to a la mode's system. Last week, the company said CoreLogic has also chosen its Mercury Network for appraisal management that meets the GSEs' requirements.

Oklahoma-based a la mode announced this week that CoreLogic chose to connect its ValuEdge platform with Mercury Network for receipt of the Native XML appraisal data needed for compliance with Fannie Mae and Freddie Mac's jointly established Uniform Mortgage Data Program (UMDP). A custom plugin will connect CoreLogic with the Mercury Network of real estate appraisers. The plugin will run an extensive set of quality control rules against the report prior to delivery.

CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report. The company's new product, OnSite, covers 98.7 percent of parcels in the country, contains local market conditions, and complements automated valuation model (AVM) reports.

The Mississippi Legislature has approved a measure that defines the acceptable uses of broker price opinions (BPOs) to estimate the price of residential real estate property and provides greater clarity to real estate professionals on the preparation and delivery of BPOs in the state. The Broker Price Opinion Act has been signed into law by Gov. Haley Barbour and becomes effective July 1. As the basis for its BPO regulations, the state officially recognized and adopted the BPO Standards and Guidelines (BPOSG) from the BPO Standards Board and the National Association of BPO Professionals.

Urban Lending Solutions Appraisals LLC (ULSA), a subsidiary of loss-mitigation service provider Urban Lending Solutions, announced that it has hired Jim Beatty as its new SVP of valuation services. In addition to overseeing the operations for ULSA, Beatty will be heading the client-facing team responsible for building solutions, product integration, and maintaining relationships.

Fannie Mae has issued a notice to servicers detailing changes to how they should evaluate ""imminent default"" and how they determine the market value of properties for pre-foreclosure sales. The GSE is requiring servicers to apply the imminent default test now used only for HAMP modifications to all non-HAMP mods secured by owner-occupied properties. In addition, Fannie Mae is requiring servicers to use only approved providers for broker price opinions or appraisals on short sales and deeds-in-lieu.

Urban Lending Solutions has hired Dennis Postlewait and Darlene Burnham to serve as senior vice presidents of business development for the company's appraisal subsidiary. Urban Lending Solutions provides loan modification services, underwriting, valuations, and other real estate information solutions for the mortgage industry. Postlewait and Burnham are both responsible for development and growth of strategic accounts.

MMREM, a national asset management firm for federal agencies and private sector servicers, investors, and insurers, launched its partial subsidiary Sperlonga Data and Analytics last week. Sperlonga provides servicers, title agents, real estate brokers, appraisers, and originators with a centralized repository of homeowner association (HOA) information and payment demands.

The operations of MDA DataQuick, MDA Lending Solutions, and MDA MindBox have been integrated, effective May 2. The private investment firm TPG Capital purchased the three companies in January. The resulting combined company, which operates under the name DataQuick and headquarters in California, delivers real estate information solutions powered by data, analytics, and advanced decisioning to lenders, servicers, real estate companies, and secondary market investors.