Get a Complete View of Appraisal Risk
A robust, automated appraisal review process can make the difference between poor quality appraisals and those with a high degree of integrity, increased valuation certainty, and reduced risk of loan repurchases. LoanSafe Appraisal Manager™ from CoreLogic® provides a single solution, enabling lenders, investors and Appraisal Management Companies (AMCs) to validate appraisals and obtain a complete view of appraisal risk quickly and easily.
Analyzes the appraisal for completeness, compliance, consistency, and comparables selection
Considers the likelihood of over- and under-valuation, as well as the subject property conformity to the surrounding neighborhood
Examines the risk of default and foreclosure due to volatile neighborhood factors or misrepresentation risk
This risk score enables lenders, investors and AMCs to objectively prioritize the riskiest appraisals and allocate their review resources to those appraisals. The ability to accurately and instantly identify the riskiest appraisals that require review saves both time and money. Moreover, organizations can tailor the risk score threshold to match their review resource capacity.
A Combination of Powerful Analytic Scoring and Actionable Data Provides Superior Performance
There are several ways that lenders, investors, and AMCs assess appraisal integrity. A typical appraisal review is accomplished by running the appraisal against a large set of rules that check for data completeness and validity as well as for compliance with appraisal standards and guidelines. Organizations verify data, review appraisal quality, determine valuation consistency, and evaluate market risk. This is a time consuming and costly process.
Comprehensive Comparable Selection Analysis Includes Robust MLS Data
With LoanSafe Appraisal Manager, in addition to receiving an effective score that rank orders risk, clients also have all of the data they need at their fingertips to quickly and effectively assess whether appraisals are complete, correct, compliant, present lending risk, or contain potential fraud. Data validation is completed automatically, and the LoanSafe Appraisal Manager report provides a detailed, side-by-side comparison of appraisal data, public record information and data from the Multiple Listing Service (MLS) (where available).
CoreLogic is the largest provider in the U.S. of real estate, property ownership, fraud, mortgage and mortgage securities data – and the advanced analytics that use them – for the assessment of real estate sales, collateral valuation, home price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies and asset dispositions. We collect and manage real estate related data and imagery from more than 10,000 government and proprietary data sources.
The Market-Specific Data From CoreLogic Covers
99 percent of U.S. residential properties
Over 700 million historical transaction records and data spanning over 40 years
Over 90 million mortgage applications
LoanSafe Appraisal Manager Key Features
Scoring appraisals for overall risk, thereby automating and optimizing the appraisal quality control review process
Automatically checking for appraisal completeness and compliance to ensure that quality and repurchase issues are addressed, such as possible violations of FIRREA, USPAP, FHA, VA, and GSE restrictions on lending (including the new Uniform Appraisal Data standards)
Providing custom appraisal review caution levels to configure the review process based on each client’s individual business needs
Verifying appraisal information for any inconsistencies between public record and MLS data, as well as any inconsistencies discovered within the appraisal
Flagging properties where valuation may be complicated because of deviations from the neighborhood norm
Identifying properties that are over- or under-valued or that may not be able to sustain their value over time because of adverse market conditions
Providing information about the subject property and neighborhood, including price trends and market conditions
Validating that the most appropriate comparables were used and, where needed, identifying other more suitable comparables
Identifying possible property flipping and other collateral-related fraud
LoanSafe Appraisal Manager Key Benefits:
- Provides comprehensive features, alerts and analytics to manage all aspects of appraisal risk
- Assesses whether appraisals are complete, correct and compliant with USPAP, regulatory and UAD requirements
- Leverages market leading valuation analytics to detect over- and under-valuation
- Utilizes public record real estate and MLS data to rank comparable selection, validate appraisal data and detect collateral-related fraud
- Automates the appraisal review process to optimize resources and reduce costs