Our appraisal management partners are staffed by veteran valuation industry customer service, quality control and management professionals who take great pride in providing our customers with the best products possible, helping our customers to complete their transactions with speed, accuracy, and confidence. FirstClose offers professional appraisal services from the leaders in the appraisal management industry, companies like First American eAppraiseIt, Dart Appraisal, and LPS are all available as choices in the FirstClose platform for our customers’ convenience and flexibility. In addition, we also provide you with the ability to add local appraisers to the FirstClose Dashboard in about 30 seconds.
When all mortgage settlement services are bundled into one platform and include local appraisers, local title companies, and local closing agents, efficiency and communication is greatly enhanced.
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Traditional Valuation ProductsOur appraisal management partners offer a full range of traditional valuation products and services to the nation’s mortgage and real estate markets. As leaders in the industry, our appraisal management partners have established a long and distinguished track record of providing traditional valuation products of the highest quality… consistently, and in a time-sensitive, customer-centric fashion that is unequalled in today’s increasingly competitive environment. Choices include:
• URAR (form 1004)
• FNMA 1073 / FHLMC 465 / 1075
• FNMA 1025 / FHLMC 72 - with FNMA 216 / FHLMC 998
• FNMA 2055
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Standard Appraisal Review ServicesOur appraisal management partners offer a wide variety of appraisal review products of the highest caliber and provide clients with peace of mind as to true collateral value. After analyzing your quality assurance criteria, our appraisal management partners valuation consultants will develop a customized solution to meet your specific business needs. This solution may involve a customized progression to traditional review products, using a pre-screening tool as starting point. This approach enables lenders to more efficiently focus their due diligence funds on the properties associated with higher risk.
Standard Desk Review
• Analyzes credibility and methodology of FNMA Form 2006
• Data verification (based upon in-house data resources)
• Turn-time: 1 business day
Enhanced Desk Review
• Same analysis as the standard desk review plus...
• 2 additional comparables within the grid will be added to report or disclosure stating the best comparables available were utilized in the original report.
• Product availability contingent upon in-house data resources
• Turn-time: 1 business day
Local Enhanced Desk Review
• Same analysis as the enhanced desk review plus...
• Review Appraiser is licensed in subject’s state
• Review Appraiser is familiar with local market trends
• Turn-time: 2-5 business days
Standard Field Review
• Review appraiser inspects exterior of subject and comparable sales
• Confirmation of data (prior sales history, current sales data)
• Detailed report on FNMA Form 2000
• Additional comparables are gridded to support any discrepancy in value
• Turn-time: 3-5 business days *
Enhanced Field Review
• Same analysis as standard field review plus...
• 2 additional comparables within the grid will be added to report or disclosure stating the best comparables available were utilized in the original report
• Turn-time: Typically 3-5 business days
• Outlying/rural areas are subject to extended turn-around times
Note: Complex, atypical, and/or properties with an estimated value exceeding $1,000,000 are priced by quote. -
Default / REO Services
Default Valuation Solutions within our appraisal management partners provide lenders and loan servicers with quality traditional 1004 REO appraisals, as well as AVMs, and Value Reconciliation products. Products that provide all the detailed information required to assist in making the best possible decision on reconciled values with respect to foreclosure-sale bidding and REO disposition strategies for non-performing single-family real estate assets.
With a nationwide staff of highly-qualified appraisers and talented, experienced Default/REO operations and quality control personnel, Default Valuation Solutions provides the following services:
• Uniform Residential REO Appraisal Report (form 1004 with REO Addendum)
• Value Reconciliation Report - A solution to help lenders combat potential misrepresentation in the valuation of a property. Our licensed, certified appraisers or real estate professionals review the original appraisal then obtain and analyze multiple property valuations (public and private) on the subject property. They render an opinion as to which value is the most reliable and include comparable sales data and appraisal methodology.
Key Benefits of the Value Reconciliation Report
• Saves lenders and services time and money
• An unbiased third-party opinion
• Identifies potential misrepresentation
• Analyzes valuation methodology and value credibility
• May be tailored to lender’s or servicer’s special needs
• Helps decrease holding time while increasing net recovery
