Solidifi Inc., a leading technology-based provider of collateral valuation and risk management services to the mortgage lending industry, announced that expansion to nationwide appraiser coverage is ahead of schedule. Response from experienced appraisers coast-to-coast since Solidifi launched its registration process less than two weeks ago surpassed initial goals and is driving the development of the fastest growing network of quality appraisers in the U.S. today.
Solidifi's National Appraiser Network is founded on the principle that a fully transparent technology platform will ensure appraiser independence while also giving lenders access to a full range of performance metrics. This depth of transparency allows Solidifi's clients to identify appraisers demonstrating the professional competency required to meet their requirements for specific assignments in addition to the level of quality as measured by past performance. Transparency expands further with display of the full fee(1) set by the appraiser.
"The key to success in the collateral valuation business lies in the quality of the appraisal network," said Jason Smith, CEO of Solidifi. "The Solidifi National Appraiser Network is built on the first technology platform specifically designed to be fully transparent to give lenders the information they require while protecting the appraiser from client pressure. Solidifi's full fee business model attracts the kind of expert independent appraisers sought by our lender clients in these turbulent times. Lenders are provided with all of the performance and report quality information required to manage their risk effectively while ensuring appraiser independence."
Appraiser pressure has been an area of critical concern for the industry for some time and has led to a number of innovative new initiatives, including the Home Valuation Code of Conduct ("HVCC"). Solidifi was founded in 2004 on the idea that a truly transparent platform is the only way to avoid the problems that have plagued traditional AMCs. The company expanded into the U.S. market and has invested significant resources preparing its Solidifi ValuesTM collateral management service, offering mortgage professionals, lenders, and investors solutions that are flexible and provide transparency in collateral valuations.
"Quality and transparency were our highest priorities when we developed our platform," Smith said. "Many lenders are surprised to find out that we can provide our level of quality, complete transparency, allow appraisers to earn their full fee and still provide bottom line savings to our lender clients. But that's exactly what has happened as we have rolled out this platform to top tier lenders in North America over the past 2 years."
Appraisers in the U.S. have been pleasantly surprised when presented with the details of Solidifi's new network, but collateral valuation experts in Canada have been enjoying its benefits for some time.
"Being included in Solidifi's network for the past 3 years has made it easier to prove that we are a leading company," says Al Garbens, AACI, P.App., of York Simcoe Appraisal Corp. Ltd. "Everyone says they have high levels of customer service and can deliver on time, but the transparency built into Solidifi's technology allows us to actually prove it on a daily basis. In a market where long-term success is no longer a foregone conclusion, it's good to be able to prove how good we really are."
(1) full fee means that each appraisal company sets its own fees and does not split that fee with Solidifi. Appraisers that were previously forced to give away up to half of their regular fee to an AMC are now free to determine how much they will charge. Appraisers compete with each other on quality, speed and price which results in monetary savings and efficiency benefits for the lender.
About Solidifi Inc.
Solidifi is a leading provider of collateral valuation, risk management and data analytic services to the North American mortgage industry. Solidifi provides mortgage lenders and professionals with a flexible service platform for procuring collateral valuations from marketplace vendors and appraisers, with complete transparency and data to make "incredibly smart decisions". Solidifi currently serves leading global financial institutions and is located in Chicago, Toronto, Montreal and Calgary. For more information, visit www.solidifi.com.