‘The process a lender employs for collateral underwriting has changed dramatically in the past few years,’ says Michael Dresden, executive vice president of Dart Appraisal, in a release. ‘The increased attention to detail requires lenders to invest additional time, staff and resources in this process. AMCs can help mitigate delays for the lender by reducing the friction caused by multiple client corrections on the same file. It's imperative to have the right system in place.’
Dart Appraisal says it recently implemented new technology that, combined with the company's manual review process, ensures appraisal quality and compliance, as well as reduces correction requests.
Dart Appraisal researched several different appraisal review technology systems before selecting RealView for its comprehensive capabilities. Since implementing RealView, the company has reportedly seen a marked reduction in client corrections and has received direct positive feedback from clients.
RealView, which screens for all published regulations and guidelines, was recently updated to screen for Fannie Mae's Collateral Underwriter (CU) findings, including its 21 hard stops.
‘By predicting Collateral Underwriter's findings and hard stops, RealView helps our quality control team provide an even more comprehensive review for our lender clients,’ Dresden reports. ‘Although we do handle the [Fannie Mae] Uniform Collateral Data Portal upload for several clients, this function allows us to review predicted CU messages and hard stops for all of our clients.’