DartAppraisal Introduces Custom Appraisal Warranty

Posted by Orb Staff on June 30, 2010 No Comments
Categories : Residential Mortgage

praisal.com has 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. DartAppraisal.com says it has partnered with an insurance company that is rated ‘A’ by A.M. Best. The DartAssurance warranty is fully insured to provide up to $100,000 in coverage for losses 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. ‘Our custom warranty is designed to help lenders underwrite collateral with confidence,’ says Darton Case, president of the company. ‘We believe that our product will help stimulate the much-needed private investors back into the mortgage market.’ DartAssurance warranty specifications include a maximum loan amount of $750,000, a loan-to-value/combined loan-to-value ratio that does not exceed 100% and a minimum credit score of 620 for the borrowers on the loan. The warranty works in tandem with the company's $5 million errors-and-omissions insurance coverage. 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. SOURCE: [link=http://www.dartappraisal.com]DartAppraisal.com

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