Lenders and borrowers can now use our Desktop Valuation product to receive an initial opinion of value without investing significant time and money into a full appraisal.
Rockville, MD (PRWEB) July 27, 2011
Validata Lender Services announces a new appraisal product that gives lenders and borrowers an initial opinion of value on a property: Desktop Valuation. By delivering this opinion of value, the Desktop Valuation product helps lenders determine if a subject property can potentially meet the value requirement of the loan. For a fraction of the cost of a full appraisal, this value assessment tool gives an opinion of value to help decide if continuing the loan application process is warranted. It is also absorbed into the full appraisal fee once the decision is made to move forward with the loan.
“The continued instability in today’s housing market makes it difficult to gauge the fair market value of a residential property,” said John Henry Sisk, Director of Operations at Validata Lender Services. “Lenders and borrowers can now use our Desktop Valuation product to receive an initial opinion of value without investing significant time and money into a full appraisal. By using the Desktop Valuation and analyzing whether the property is in the right value range required for the loan, originators can help efficiently prioritize loan applications to determine which ones are viable.”
Approved appraisers in the Validata network formulate an opinion of value based on assumptions that the property is in good condition and conforms to the neighborhood in terms of style and construction. The Desktop Valuation Summary Appraisal Report contains information about the property type, market trends, comparable sales and an initial opinion of value. If the valuation meets the requirements of the loan, a full appraisal can then be ordered, with the cost of the Desktop Valuation going towards the full appraisal cost. If the property does not fall within the required value range, the investment was significantly less compared to the cost for a full appraisal. Desktop Valuations typically take only 24 hours to perform, so the loan process is not stalled.
“Each property is different and no limited appraisal can replace a full appraisal. However, if we can help our clients more accurately evaluate their property value from the beginning, we save both time and resources for the borrower and the lender. And since the cost of the Desktop Valuation is absorbed into the price of a full appraisal, there is limited risk,” said Sisk.
About Validata Lender Services
Validata Lender Services provides appraisal management, flood determination, document preparation and other ancillary services to lenders nationwide. By utilizing proprietary and web-based technology, Validata is able to offer a full suite of customized lending solutions with a one-stop-shop platform. Lenders save time, improve efficiency and maintain compliance with Validata. To learn more about Validata Lender Services, please visit http://www.validatalsappraisals.com.