StreetLinks Answers the Underwriting Call - Launches Exclusive Appraisal Review Product - SCORe

INDIANAPOLIS, Sept. 22 /PRNewswire/ -- StreetLinks National Appraisal Services introduces a new underwriting and risk assessment appraisal review product, StreetLinks Comparable Opinion Report (SCORe™).  SCORe™ will provide lenders with a reliable second opinion of the validity, accuracy and appropriateness of the comparables utilized in an original appraisal. SCORe is a limited-scope, USPAP-compliant review completed by an independent appraiser with experience and geo-competency in the subject's specific market.

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The intense scrutiny on home valuation, specifically the selection and validity of sales comparables in appraisal reports, has led many lenders to use unreliable products in an attempt to validate appraised values.  For example, the use of Automated Valuation Models (AVMs) or desk-top appraisal products completed by appraisers often located far outside the subject property market has become pervasive.  Steve Haslam, StreetLinks CEO explained, "AVMs rely on flawed or limited public data, while out-of-market appraisers lack local market knowledge and have no access to local market data (MLS). The only reliable way to validate the comparable selection and the credibility of an appraisal is by utilizing a second local appraiser with the knowledge, tools and data available to do so. SCORe accomplishes this at a speed and price far more attractive than other credible and compliant appraisal review products."

"We understand that underwriters are faced with a daunting task when it comes to appraisal review and validation," said Tony Ebeyer, StreetLinks COO and a certified appraiser.  "Until now, there has been no dependable solution available that delivers timely and affordable results. With SCORe, we will have the original comparable selection validated by a second local appraiser in approximately 24-hours at a price substantially lower than a traditional desk review. Lenders, whether buying on flow or in bulk, will get the speed and price they need and receive a more professional and reliable analysis."

Mike Floyd, StreetLinks Chief Corporate Appraiser said, "we have seen thousands of appraisal reviews where AVMs or non-local desk review appraiser opinions were used to challenge an appraisal conducted by an experienced local appraiser.  These methods contradict sound appraisal review methodology and, in many states, are not compliant with regulations.  These review methods simply fail to provide the desired results.  Lenders are wasting their time, money and resources, straining relationships with professional appraisers and ending up with no credible validation."

SCORe utilizes an independent, unbiased, local-market appraiser to review the comparables selected in an original appraisal. The SCORe appraiser, who is proximate to the subject property with access to the local market MLS, researches the data to provide a second opinion of the appropriateness and quality of the comparables selected by the original appraiser.  SCORe results provide underwriters and risk managers the confidence and/or credible criticism about the validity of the comparable selection which is the nucleus of the appraisal process and the ultimate determinant of the final value opinion.  A SCORe report that contradicts the original appraiser's comparable selection can also serve as an FHA or HVCC compliant basis for lenders to responsibly appeal the original appraisal or to order a replacement appraisal.  

StreetLinks provides appraisals nationwide that are fully compliant with FHA, HVCC and all other current and pending regulations.  An innovator in the appraisal management marketplace with its industry-first Certificate of Compliance and TILA-Trigger™ technology, StreetLinks performs manual quality control review of every appraisal and offers a 100% Loss Warranty of Appraisal Quality.

Additional information is available at www.streetlinks.com/SCORe or by calling 1(800) 778-4788.

About StreetLinks:

StreetLinks National Appraisal Services is a real estate appraisal procurement and management company that provides nationwide real estate valuation services to lenders and other mortgage origination firms.  The company specializes in providing comprehensive valuation solutions that provide its clients the ability to engage StreetLinks for all real estate appraisal-related procurement, management, accounting, tracking and reporting functions.  StreetLinks operates under a "Non-Influence" methodology which maintains the anonymity of the appraiser from the originating firm, providing StreetLinks clients the assurance of compliance with FHA, HVCC and all other existing and proposed regulation/legislation surrounding the collateral valuation process as well as promoting enhanced portfolio performance as a result of appraiser independence and impartiality.

SOURCE StreetLinks National Appraisal Services