Accurate Group, a real estate appraisal, title and compliance service provider, has rolled out a new home equity appraisal solution.
The company’s iValueNet solution is designed to give banks, credit unions and mortgage lenders an alternative to traditional home appraisals, which some criticize as expensive. With the economy and home values nationwide improving, lenders right now have an opportunity to increase revenues from home equity loans and lines of credit, the company noted.
“IValueNet delivers lenders a detailed interior property inspection at a lower cost and with faster turnaround time than a traditional appraisal, while still ensuring regulatory compliance,” said Scott Waxman, chief appraiser and president of the ValueNet division of Accurate Group.
“By using the ValueNet appraisal suite, lenders who are not already partnering with Accurate Group can expect to see a decrease in overall appraisal costs and an improvement in home equity profit margins, while also gaining access to the next generation technology platform they need for future growth.”
An iValueNet appraisal report includes multiple photos of the property, neighborhood and key interior features, as well as professional measurements to ensure accurate gross living area (GLA) calculations and a home pricing trend graph. The platform is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP), which provides a minimum set of quality control standards for how appraisals are conducted in the United States.
The ValueNet appraisal suite combines desktop appraisal techniques with the hands-on expertise of local appraisers. It is used for home equity loans, loan portfolio analysis, mortgage loan valuation and default servicing. ValueNet is now available and will be rolled out to Accurate Group’s network of resellers later this year, Accurate Group said.
Located in Independence, Ohio, a suburb of Cleveland, Accurate Group provides appraisal and title insurance services to real estate finance providers nationwide.