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New Products Help To Speed Process

By Brad Finkelstein

All the new requirements for property valuations in the mortgage lending industry, both on the servicing and loan origination sides of the business, have enhanced the need for different types of products to be introduced into the market.

Validata Lender Services, an appraisal management company based in Rockville, Md., has come out with Desktop Valuation, a tool that lets lenders look at a property to see if it is worthwhile for a loan applicant to order a full appraisal.

In today's environment, with tougher lending standards combined with declining property values, it could cost the borrower between $400 and $500 to go through with a full appraisal only to have the application rejected because of valuation issues, John Henry Sisk, director of operations for Validata, explained... Read More