Description

ValuTech offers a comprehensive suite of quality assurance reports and appraisal review products which include automated instant appraisal reviews to desk top, field and retrospective review appraisals completed by seasoned appraisers. Our products allow for scalability and flexibility in a company’s quality control process saving time, staffing requirements and costs.

Key Benefits:

• Full suite of products for seamless escalation.
• Access to qualified professional review appraisers
• Cost-Effective, reduce or avoid expenses
• Reduced loan fall-out due to valuation issues
• Identify potential misrepresentations
• Instant access to objective second opinions of value
• Provide additional levels of due diligence
• Track and monitor quality levels of your vendors
• Compliance with regulatory guidelines

Quality Assurance Options:

• Quality Control Engine - QCE
• Appraisal Emulation Products
• Market Analytic Reports
• AVMs
• Alternative Valuations
• Manual Reviews

Quality Control Engine

ValuTech offers web-based access or integrated access to a state-of-the-art electronic review platform which reviews XML imbedded PDF formatted appraisals based on client-specified criteria, USPAP and Fannie Mae / Freddie Mac guidelines. This comprehensive review process reviews appraisals for errors and omissions, potential over valuation and other elements of risk to provide a detailed report with identified errors and warnings to reduce potential risks to the lender.

The engine can be utilized prior to the final appraisal submission, allowing the appraiser the ability to correct the errors prior to submission to the client, saving time during underwriting and ultimately money. The client receives an error free appraisal deliverable to the GSEs via the new Uniform Loan Delivery Data Specification (ULDDS).

Key Benefits:

• Configurable rules set
• Brings speed and efficiency to the quality control process
• Developed for compliance with USPAP, GSE Guidelines and generally accepted appraisal practices.
• Standardized, systematic process for screening appraisal
• Covers industry standard forms
• Web-based or integrated access via ValuTech’s Compass OMS
• Vendor performance tracking
• Screens for compliance with the UADS standards
• Generates a review certificate for compliance documentation

ERC Electronic Review Certificate - This report generated electronically by the Quality Control Engine provides a detailed summary of the errors and omissions found during the review process. The review based on the client’s specific appraisal guidelines insures for consistency in both appraisal quality and review thoroughness while saving valuable time and money while providing documented compliance and vendor performance

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Automated Quality Assurance Products

ValuTech’s suite of appraisal emulation products and Analytic Reports which provide objective opinions of value and market data can be utilized to ensure the accuracy of traditional appraisals and provide additional due diligence to the collateral review process while reducing costs and expediting the quality control and funding process.

ValuTech’s Appraisal Emulation Model replicates time-tested appraisal processes with proprietary technology to produce valuation products and reports which conform to standard GSE and lender guidelines while resembling traditional appraisal. Emulating the appraisal process these reports provide additional market research to cross check reports under review.

For markets where the Appraisal Emulation Model AEM products are not available, ValuTech provides access to industry leading AVMs when automated valuations are utilized in the quality assurance process.

Key Benefits:

• Objective: provides a second opinion of value when additional due diligence is needed.
• Instant: valuation results available on demand
• Cost effective: available a fraction of the cost of a desk or field review
• Accurate: more accurate than AVMs or BPOs
• Comprehensive: Detailed subject, market and comparable data.
• Easy to read: replicate traditional appraisals with grid layouts, maps and photos.

Alternative Valuation Products (Hybrid)

When the quality assurance process requires a second opinion of value, ValuTech provides cost-effective solutions for unbiased, comprehensive valuation products developed with the experience and expertise of local professional appraisers. These products are developed in conformance with USPAP and GSE guidelines and offer an opinion of value developed in an escalation of inspection and report options.

Key Benefits:

• Accurate, unbiased values developed by professional appraisers
• Comprehensive market analytics based on current MLS data
• Cost-Effective, less than an appraisal or manual review
• Efficient, completed in less time than manual reviews
• Provide additional levels of due diligence
• Compliance with regulatory guidelines
• Accurate property information provided by qualified professionals

Technical Appraisal Review

A licensed appraiser will use these review forms to confirm the accuracy of the data and the opinion of value in the original appraisal report and to ascertain the suitability of the appraisal methods and techniques used by the original appraiser and if other significant errors or omissions exist in the appraisal under review. 

If the reviewer determines that the value in the original appraisal is not reasonable, the review appraiser will complete their own analysis and render a new value conclusion. The review appraiser will rely on information contained in the report to make hypothetical assumptions regarding the condition of the subject, unless there is evidence to the contrary. 

Enhanced Reviews - The same processes and forms are utilized in enhanced reviews; however, additional comparables are provided and an opinion of value is rendered by the review appraiser regardless if the review appraiser concurs with the value contained in the original appraisal. Enhanced reviews can be conducted on a retrospective basis with an effective date some time in the past. 

Clients can utilize ValuTech’s panel of appraisers or develop a private panel of qualified review appraisers to provide independent reviews to meet their company’s unique needs and regulatory compliance.

Key Benefits:

• Objective opinion of appraisal quality and accuracy
• Reduced compliance risk and costs
• Automated routing of expedited processing
• Adherence to established appraisal criteria.
• Track results for appraiser rating