Re: (Sue) Susan M. Potteiger, mai aPPRAISAL, MAI

Posted by cOCHISE on April 21, 2010 at 21:47:55:

In Reply to: (Sue) Susan M. Potteiger, mai aPPRAISAL, MAI posted by COCHISE@JUSTICE.COM on April 16, 2010 at 20:39:50:

http://www.eappraiseit.com/ManagingREO.pdf
Default and REO managers are getting new valuation
tools to help them make better decisions throughout
the default, loss mitigation, foreclosure and REO
process. Concepts like “bump logic” which began on
the origination side of the business, are now finding favor
among servicers; meanwhile new offerings are helping managers
“to break the tie” when a loan file has multiple conflicting valuations.
New valuation tools also offer faster valuations and at a
lower cost.

focusing
almost exclusively on refi demand,” said DeAnna McCann, chief
marketing officer of the Poway, Calif.-based eAppraiseIT, a
national appraisal management company, which is owned by
First American. In the past year, she says the servicing portion of
eAppraiseIT's business has grown by 50%.

At all stages of the default/REO process, it is a challenge for
managers to understand the current value on a property. They
are always looking for the most cost efficient and accurate products
to gauge the value.
In early default stages, say 30-days late, this usually means
selecting quick valuations that are not expensive.

To address this need, eAppraiseIt developed its RAVe process.
RAVe relies on “bump logic” to automatically order the appropriate
level valuation product, beginning with the fastest and least
expensive, usually a two-AVM cascade. If the AVM cascade
doesn’t do the job, it escalates the order an enhanced AVM then
a BPO

“It's cheaper than doing yet another valuation. The cost of
a reconciliation report is about $85,” she said.

While cost sensitivity is an issue on the origination side of the
business, it is more of a concern on the servicing side, McCann
said, because costs can’t be passed along to the borrower. That’s
why she believes new hybrid valuation products will be well
received by services. At the MBA in October, eAppraiseIt
unveiled an AVM-Assisted Appraisal that fills the gaps between
AVMs and more extensive appraisal products.
Unlike static automated valuation products, the

“The appraiser has an
almost limitless ability to make the appropriate adjustments.
You just hit a button and it recalculates the valuation.”

http://www.eappraiseit.com/ManagingREO.pdf

• eappraiseit

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