TROY, Mich., June 29 /PRNewswire/ -- In a move designed to build confidence in mortgage lending and reinvigorate private investment, DartAppraisal.com, a leading national provider of residential real estate appraisals, today introduced the DartAssurance™ custom appraisal warranty. The warranty insures mortgage lenders, investors, banks and credit unions against potential loss from home loan default and foreclosure, helping lenders to underwrite collateral with confidence.
"Our strength is in our experience and expertise," said Darton Case, president of DartAppraisal.com. "For nearly two decades, we have been the poster child for transparency, accuracy and quality control in the mortgage industry. We also understand the need for all types of risk mitigation amongst our clients. Our custom warranty is designed to help lenders underwrite collateral with confidence. We believe that our product will help stimulate the much needed private investors back into the mortgage market."
DartAppraisal.com has partnered with an insurance company that is rated "A" for excellent by A.M. Best. The DartAssurance™ warranty is fully insured to provide up to $100,000 in coverage for loss tied to a valuation inaccuracy. For eligible loans, which include first and second mortgages, the appraisal is warranted for 60 months from the date of service and is fully transferable.
DartAssurance™ warranty specifications include a maximum loan amount of $750,000, an LTV/CLTV that doesn't exceed 100 percent, and a minimum credit score of 620 for the borrowers on the loan. The warranty works in tandem with the company's industry leading $5 million errors and omissions insurance coverage. The custom warranty fees range from $20 to $30 per appraisal, covering errors in the property appraisal that result in a loss to a financial institution or transferee, through loan default or foreclosure.
DartAppraisal.com is a leading independent provider of nationwide residential real estate valuations. Since 1993, the Troy, Michigan-based company has leveraged innovative technology, stringent quality control measures and localized experience to provide appraisal management services to the mortgage industry. With a network of more than 8,000 certified appraisers covering the nation, DartAppraisal.com offers a full range of HVCC and FHA–compliant appraisal services, including REO, wholesale valuations and post funding audits. Online appraisal ordering provides clients with streamlined technology, from DartLink™ appraisal integration connections and DartExpress™ complete broker HVCC/FHA solution to DartTracker™ and DartTracker Plus™ appraisal pipeline status tools. www.DartAppraisal.com.