Property Vision remains free for lenders seeking to keep borrowers safe
Washington, D.C., – June 24, 2020 – Appraisal Logistics, a leading provider of high quality appraisal management services, technology and compliance solutions for the residential/commercial mortgage industry, announced today that the company’s new Property Vision appraisal inspection tool will remain free for the present time to home equity lenders that need verified interior images to make underwriting decisions. The tool is allowing HELOC lenders to aid homeowners without putting them at risk.
“American homeowners continue to struggle through the COVID-19 crisis but many of them have home equity they can access to make things easier,” said Frank Danna, CEO of Appraisal Logistics. “Lenders have embraced Property Vision because it allows their appraisers to provide a more accurate opinion of value without putting the lender’s customers and appraisers at risk. This is a perfect solution for home equity lending.”
Property Vision gives borrowers the assurance that their lender cares about their health and safety and gives lenders fully compliant real estate valuations, all while keeping appraisers out of harm’s way. The new products are acceptable to agency investors and meet the GSEs’ guidelines for collateral valuation during the COVID-19 crisis.
An analysis of US housing data performed by CoreLogic indicates that U.S. homeowners with mortgages, which accounts for more than 60% of all properties, have seen their equity increase by a total of nearly $590 billion since the first quarter of 2019, an increase of 6.5%, year over year. This is a fantastic opportunity for both homeowners in need of cash during these difficult times and home equity lenders.
Appraisal Logistics developed Property Vision to allow the consumer to take interior photographs of their home using any web-enabled device equipped with a camera. There is no app to download and consumers are provided with simple instructions that walk them through the process. The technology automatically collects geocoding information and other metadata to ensure that the photographs are of the subject property and then makes them available to the appraiser.
About Appraisal Logistics
Annapolis, Md.-based Appraisal Logistics is a nationwide appraisal management company for the residential and commercial mortgage industry. With a team of industry experts and a nationwide network of highly qualified and trusted appraisers, Appraisal Logistics provides immediate and exceptional services to regional and community banks and standalone mortgage originators to ensure each appraisal is 100 percent compliant in a customized, customer-focused environment. The company also owns and maintains the secure proprietary communications platform – AIM-Port®. For more information, please visit http://www.gotoals.com or call (443) 949-7862.