As mortgage servicers struggle to comply with regulations and ensure accuracy on property valuations, mortgage technology provider CoreLogic (CLGX) is enhancing the home valuations it provides by adding new data points to its existing program.
The Irvine, California-based firm said servicers using its revved up suite of products will improve their chances of detecting discrepancies in property valuations.
The suite of products includes the company’s new Data Validated Appraisal tool, which uses county assessor data and other CoreLogic tools to double-check appraisal quality. Several other tools also are incorporated to re-check the appraised values to help servicers ensure compliance with all federal and state regulations.
“We understand the many challenges facing servicers today. They’re trying to reconcile values, understand if appropriate comparables were used and determine if there is fraud risk in a valuation,” said David Williams, vice president for CoreLogic. “By integrating the unparalleled data assets of CoreLogic, each product in our valuation suite offers a greater level of clarity and certainty when addressing specific servicing lifecycle tasks, whether related to budget, regulation, risk or quality requirements.”
The Data Validated Appraisal system incorporates the LoanSafe Appraisal Manager, which is known for catching over- and under-valuation risk.
