MDA DataQuick Touts Automated Value Reconciliation
If you work in default, you likely already know that so-called "value reconciliations" are a big business -- the idea being that any automated valuation needs to be adjusted for current market conditions. Competition for the reconciliation business has been heated among default industry firms that specialize in collateral valuation for months now, if not the entire past year. MDA Lending Solutions, a provider of advanced information solutions to the real estate lending industry, said Thursday it would be the latest to join the reconciliation fray with a new product designed to automated the reconciliation process. MDA's DataQuick subsidiary rolled out a platform it's calling Collateral Validation to handle the process. "In today's market, servicers are in need of data and analytics that enable them to quickly and accurately value collateral, so they can make informed decisions on which properties are best candidates for adjustments, modifications, work-out or short sale," said John Walsh, president of MDA Lending Solutions' DataQuick division. "Because risks are so high, servicers are unwilling to relegate the decision on market value to an AVM or to incur significant expense on traditional BPO or appraisals. Servicers need a tool that helps support loan workout decisions, while managing unprecedented workloads." The company includes its collateral validation automation in its broader collateral valuation platform, as well, Walsh said. For more information, visit http://www.mdasolutions.com.