eAppraiseIT Rolls Out Valuation Platform for Reverse Mortgages
First American eAppraiseIT, a well-known provider of real estate valuation products and services, said earlier this week that it had released ValueView, a new hybrid valuation product designed to help the reverse mortgage industry assess and monitor the value and condition of portfolio properties. ValueView addresses a major concern of reverse mortgage lenders, the company said: the prospect that properties with reverse mortgages will, over time, fall into disrepair. Reverse mortgage customers frequently have properties requiring repairs, which can affect the lender's ability to sell the loan. ValueView combines a "drive-by" inspection of the subject property with a valuation determined by two comprehensive automated valuation models -- hence its hybrid designation. Lenders receive a current photograph and a concise on-site inspection report that answers questions concerning the property condition, its overall marketability and the state of the surrounding neighborhood. "Reverse mortgages are one of the fastest growing segments of the mortgage industry and as the baby boomer generation ages, the need for these products are expected to increase," said Mike Fosser, senior vice president of business development for First American eAppraiseIT. Fosser said that eAppraiseIT chose to offer the product because the company maintains a large network of FHA-certified appraisers; while not all reverse mortgages, known also as home-equity conversion mortgages, are endorsed by the FHA, many are. For more information, visit http://www.eappraiseit.com.