HistoryPro Review® renders an overall quality judgment on the appraisal and underlying transaction risk by comparing the appraisal comps and subject property information against extensive internal databases, maps and collateral risk models. HistoryPro Review delivers more accurate conclusions than a traditional desk review—at a fraction of the time and cost.
Loans flagged for appraisal review typically consume valuable time and expensive staff resources. With HistoryPro Review, clients can streamline the process by automating many steps of the traditional review cycle and consistently applying business rules and guidelines across the entire company.
Automating Appraisal Review
HistoryPro Review delivers appraisal review information within minutes that would traditionally take hours to gather. Instead of wasting time on nonproductive efforts, reviewers can apply their expertise to evaluating data returned. In addition to analyzing the subject property using the powerful HistoryPro engine, HistoryPro Review maps and analyzes comparables used in the appraisal, delivering scores on the appraisal decision and property risk.
HistoryPro Review has demonstrated its effectiveness in greatly reducing time spent on reviews, allowing greater numbers of loans to move through the production cycle, and significantly lowering review costs.
HistoryPro Review is typically delivered through a Web-based interface or by direct XML integration into an institution’s production system.
In recent years, real estate fraud has become one of the mortgage banking industry’s most significant threats to profitability. Our risk management tools fortify mortgage lenders and investors against that risk when originating or purchasing a loan.
When originating a loan, an accurate appraisal is critical to ensuring a clean, low-risk transaction. HistoryPro Review provides a vital check of the initial appraisal by reviewing the comps used in the appraisal, and examining the subject property itself. The results provide a comprehensive view of the collateral and the market area surrounding the property to detect adverse conditions and appraisal inconsistencies. HistoryPro Review returns a hit rate of greater than 90 percent, while consistently producing results traditionally available only through expensive desk reviews.
Immediate Results - Faster Determinations
HistoryPro Review returns appraisal verification results in less than a minute, offering access from anywhere in the world through a secure Web-based interface. The system’s easy-to-navigate order entry screen and clearly presented reports speed decision making by delivering solid, succinct answers. When compared to a typical 24-hour turnaround for a desk review, it is easy to see how HistoryPro Review streamlines workflow, allowing more loans to be processed in less time.
Comparable Warnings for Decision Result
Experience has shown that an appraisal is only as good as the accuracy of the comparable properties used. Comp properties with characteristics that inaccurately reflect the nature of the subject property will produce an equally imprecise appraisal. HistoryPro Review provides a complete analysis of up to six comp properties, rendering a bottom-line risk warning for each. This detailed set of comparable warnings highlight potential appraiser error or fraud, including living square footage, distance, location bias, comparable values, market value and land use mismatch. Comps are plotted on a market area map to visually support report data.
Final Scores Guide Your Judgments
HistoryPro Review delivers class-based scores on the appraisal decision and property risk. The appraisal decision score is based on an analysis of comparables, while the property risk score draws from our industry-leading HistoryPro risk assessment engine which evaluates numerous collateral-based elements. The result is an information-rich decision dashboard designed to accelerate the lending transaction cycle of low-risk loans and identify loans that require further scrutiny. Additionally, HistoryPro Review’s retroactive search function allows users to determine sales activity and further analyze trends in specific markets in prior years. By entering a specific timeframe for past market activity, users can quickly and easily retrieve information for the property relevant to that time period.