2008-10-15 05:35:04 -
www.AppraisalFirewall.com - SharperLending, LLC Matt Brannon, 800-452-1174 Matt.Brannon@SharperLending.com SharperLending LLC, provider of secure, online technology solutions for the lending and settlement services industries, is ready to release a new online appraisal platform that allows appraisers and lenders to keep their established business relationships and brings the required level of HVCC compliance to their property appraisal relationships (for more information on
HVCC, visit the following link: www.ofheo.gov/media/agreements/3308HomeValuationCodeofConduct.pdf). The new system -- AppraisalFirewall -- adds to the company's current HVCC-compliant stance. AppraisalFirewall, located at www.AppraisalFirewall.com, is available as a standalone product, and also hooks directly into the existing SharperLending mortgage services technology platform for lenders, brokers and settlement service providers.
AppraisalFirewall delivers valuation reports for home refinance and purchase transactions in compliance with HVCC and USPAP. With many lenders and appraisers gearing up for this requirement, AppraisalFirewall seeks to avoid disruptions in lender-appraiser business by letting lenders and appraisers keep their local relationships, by routing and managing the transaction, and by maintaining the HVCC-required level of separation.
"AppraisalFirewall is not your traditional AMC (appraisal management company) platform," says Dave Black, President and CEO of SharperLending LLC. "Traditional AMCs have their place in the market serving the national lender that doesn't have a local presence. What sets AppraisalFirewall apart is that it is focused on the lender's trusted appraisal relationships and not the lowest-cost appraisal provider. Lenders get the highest quality appraisal because they bring their established appraiser panel to the platform and put them in a rotation based on preference, turn times, and coverage to make their relationship compliant. Appraisers do business with their same lenders for full fee valuations, and in being on the platform, get exposure with other lenders for addition to their panels, or for out-of-area needs. Lenders reduce their cost and hassle of appraiser rotation management, and appraisers need to be available on all platforms in anticipation of HVCC. Signup is free for lenders and appraisers, and there are no membership fees."
Lenders can signup with AppraisalFirewall and send online invitations to their current appraisers, who can register with AppraisalFirewall and be placed in that lender's appraisal order rotation. This allows lenders and appraisers to keep their local established relationships they have in place today, and adds HVCC compliance required by the GSE's through an automated, blind appraiser panel rotation. The need for lenders to manage their appraiser panel rotations in person is eliminated, and appraisers receive the same fees they have negotiated with their lenders today. The system also offers blind fee negotiations between the two parties, dispute and review management, audit tracking and management for the entire transaction, and a certification statement based on the objectives of HVCC that voids any appraisal report delivered outside of the system.
But AppraisalFirewall is not just for appraisers and lenders. The HVCC has created an opportunity for settlement service providers to expand service to their existing client base in an emerging industry based on the removal of influence from the lender-appraiser relationship. Through AppraisalFirewall, lenders and settlement service providers can offer appraiser panel management services like scheduling appointments and quality reviews, plus bring the required level of compliance to their existing clients to ensure that the proper solution is in place when HVCC takes effect.
"Lenders and appraisers with bundled services-type relationships can choose to be a part of an appraisal management company," continues Black. "Settlement service providers such as local title companies and credit reporting agencies are perfectly positioned to bring their existing clients to AppraisalFirewall, private label the technology, and bring their corporate brand to this new market to make their established relationships compliant with HVCC. Transaction fees are lender-centric, handled via credit card, and are typically hundreds of dollars cheaper than traditional AMCs. SharperLending has always focused on connecting lenders to their service providers in a centralized and compliant manner. AppraisalFirewall is our most recent extension to this history of providing solid settlement services technology."
About SharperLending, LLC
Headquartered in Spokane, Wash., SharperLending, LLC, was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the Internet. The company's proven technology has processed more than 80 million secure credit-related mortgage transactions with more than one billion trade lines. SharperLending, LLC, has three divisions under its corporate umbrella: SharperLending Mortgage Services Division, the mortgage services platform; SharperLending Credit Division, technology for the credit reporting industry; and EPN Solutions, the loan origination product packaging division. For more information, visit www.SharperLending.com.
"AppraisalFirewall" Strengthens Existing Relationships, Creates
New Opportunities
