CLEVELAND--(BUSINESS WIRE)--Accurate Group, a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions, today released a new white paper with guidance to help lenders of all sizes determine how to implement Automated Valuation Model workflows into their lending processes.
“The decision earlier this year to increase the de minimis appraisal threshold for residential real estate transactions from $250,000 to $400,000 means many lenders are re-tooling their systems and processes to account for the new ceiling,” said Michael Kirk, senior vice president of Strategic Valuation Initiatives at Accurate Group and a co-author of the report titled Lenders, It’s the Right Time for AVMs. “There is also a much better understanding of the regulations and requirements for valuations, and with the technology advancements making these solutions readily available, the time for AVMs is now.”
In this paper, Accurate Group introduces and discusses “The Four Pillars of AVM Compliance,” a framework of best practices to ensure lenders are implementing AVMs effectively and efficiently:
- AVM Validation and Cascade Modeling
- Assessing Property Condition
- Creating the Evaluation
- Internal Policy and Procedures
“When using a Valuation solution that starts with an AVM and a Property Condition Report, lenders can dramatically reduce the time it takes to complete the valuation to just 2-3 days, and save hundreds vs. the cost of a traditional appraisal,” said report co-author Nick Hideg, vice president of Strategic Valuation Development at Accurate Group. “Today, automation is imperative for lenders looking to maintain or create competitive advantage.”
Accurate Group delivers the industry-leading ValueNet™ product suite, which enables lenders to build an extensive portfolio of digitized appraisal offerings, including exterior and interior desktop appraisals for home equity and portfolio loans, bulk valuations on real estate portfolio holdings, and appraisals for conventional purchase and refinance originations. ValueNet is integrated with Accurate Group’s mobile property inspection app, GroundWorks™, to crowdsource local property inspectors and enable on-site completion of inspection reports.
Accurate Group provides valuation solutions to 22 of the top 25 U.S. banks, credit unions and mortgage lenders of all types. Through relationships with more than 10,000 appraisers nationwide, the company manages more than 25,000 appraisals each month. Accurate Group uses one dynamic technology platform to provide best-in-class service and an efficient, single point of contact to coordinate a network of more than 20,000 vendors providing title, closing and valuation solutions. Since 2010, Accurate Group has managed all types of appraisals on more than $450 billion in property value and has closed or recorded over $400 billion in loan volume for its clients.
About Accurate Group
Accurate Group is a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions. Accurate Group combines exceptional service, innovative technology and its proprietary AccurateAudit™ compliance foundation to provide banks, credit unions, servicers, non-bank lenders and capital markets firms with the best combination of speed, quality, regulatory compliance and price. With Accurate Group, lenders, consumers and capital markets firms benefit from market-leading solutions that improve accuracy, lower costs and improve compliance across all types of real estate loans, mortgage-related assets and real estate portfolios. Visit www.accurategroup.com.