MORTGAGE PROFESSIONAL AMERICA | by Kimberly Greene | April 16th, 2019
There now exists a unique collateral system experience for mortgage lenders.
Valuation Partners recently launched Property Rx, a valuation platform that equips lenders with a single point of contact for ordering and receiving a suite of valuation products and services, which can be delivered as quickly as 24 hours. No matter the lending situation or lending scenario, PropertyRx can create a custom solution that will fit a lender’s needs.
"There are many valuation solutions on the market and lenders are searching for answers on which products can and should be used. Valuation Partners is simply bringing these products together. We will educate our customers and assist them in creating a PropertyRx solution specific to their needs and requirements,” said Jon Forrester, vice president of valuation services at Valuation Partners.
With the number of guideline variations and assessment solutions available, it can be a challenge to weed through it all. All products are not created equal across the country, nor will they work in all areas, and lenders can waste time trying to find something that works. PropertyRx aims to help lenders locate the best product that will suit their needs as well as stay compliant.
“PropertyRx takes much of the burden off the shoulders of the lender. Each cascade of products is governed by risk-based business rules, which makes the ordering process much easier and prevents costly ordering errors. PropertyRx can seamlessly cascade from an AVM, to desktop appraisal and traditional appraisal reports if so desired. The process also integrates property data collection, or property condition assessments, into any stage of the valuation cascade,” Forrester said.
Products available through the new platform include property condition assessments (PCAs), automated valuation models (AVMs), desktop appraisals and traditional appraisals. PropertyRx also enables lenders, servicers, and investors to tailor unique valuation solutions or build a cascade of valuation solutions that are governed by their unique business rules and requirements. Clients can access PropertyRx through Valuation Partners’ online ordering system, but it also can integrate with other business-to-business LOSs and ordering systems, so if people want to still use their existing methods, they can.
Valuations available through PropertyRx are performed by Valuation Partners’ network of credentialed appraisers who have local market expertise, access to best-in-class field inspection data, and a national repository of market data. They offer property condition data and have designed an inspection process that can do any level of inspection and it also can be portable because all data is aggregated locally and not using third-party apps.
No product is the silver bullet, but PropertyRx helps identify the next best thing.