StreetLinks adds repurchase warranty to appraisals
StreetLinks Lender Solutions added a repurchase and loss warranty to its appraisal review service, according to a company release. The Indianapolis appraisal management company said Monday it expanded its review service, introduced in 2010, to the entire lending community as well. Lenders pay $95 for the service, and the warranty covers losses from any incorrect reviews. "We set out with a simple mission — to challenge the status quo of appraisal review products," CEO Steve Haslam said in the release. "Historically, lenders have relied on AVMs (automated valuation models) or watered-down review products completed by people who aren't even located in the same state." Haslam said local appraisers complete the StreetLinks reports. Buffalo, N.Y.-based Kirchmeyer & Associates also added loss protection for faulty appraisal valuations, as did Coester Appraisal Group earlier this year. StreetLinks generated $37.6 million in revenue in the third quarter, up from $22.8 million a year earlier. The appraisal management provider made up the bulk of the revenue for its parent company, Novastar Financial Inc., which reported income of $4.4 million for the quarter. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.