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Ensuring Appraiser Independence
By Anthony Garritano
As the market contracts, fraud is expected to rise. Further, with all the foreclosures expected, getting a good, clean, reliable appraisal is very important.
"As long as the lender or broker can talk with the appraiser collusion can go on intentionally or otherwise. The ability to talk with the appraiser complicates the process. There is going to have to be technology to make this go away."
Founded in 1999, Culver City, Calif.-based ValuFinders, Inc. has provided real estate collateral risk management products, including automated valuation models (AVMs), quality control reviews, collateral assessment, Web-based property tracking and technology services to major corporations and government agencies, including Countrywide Home Loans, Wells Fargo Bank and the Small Business Administration and Department of Housing Urban Development (HUD).
ValuFinders began its work with HUD in 1999, and provides HUD technology to track and manage its nationwide inventory of REO properties. The company also works with mortgage lenders, credit unions, government agencies and investors.
"Over time the platform will benefit the lender, the broker, the appraiser manager and we be a partner with the LOS," noted Mr. Williams. "We’ve talked with several LOS systems about integrations. I see the possibility for partnerships going forward.
"It’s important to provide and support the appraiser. We’ll look to speed up the process without jeopardizing quality. Essentially, we want to facilitate a faster and more accurate process.
"The lack of broker regulation and the inability for the appraiser to work independently caused this problem. We’re focused on providing the technology to solve the problem," concluded Mr. Williams.
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