Solidifi Values™ Now Allows Direct Access to Leading Edge Appraisal Management Technology and Analytics for Third Party Suppliers to Manage Their Own Appraisal Solution
Solidifi Inc., a leading technology-based provider of collateral valuation and risk management services to the lending industry, today announced the enhancement of Solidifi Values™ to allow for a new way of working directly with Solidifi’s open valuation network. The enhancement enables service providers and lenders to establish their own managed network of preferred appraisers qualified and monitored by Solidifi, and operate the valuation solution under their own company brand.
Solidifi provides a qualified national network of residential appraisers in the United States, accessed through its configurable Solidifi Values™ web-based services platform. Recruitment of qualified appraisers, validation of license, insurance, and other relevant credentials are all managed by Solidifi within a business rules driven workflow, as well as full reporting services and payment to service providers.
This new strategic offering fits naturally with Solidifi’s transparent, technology driven service model, allowing clients to work with their chosen service providers, while still providing the benefit of working with adaptable workflow management tools, business rule based processing, and risk management tools provided by Solidifi.
“We have been working with lenders as well as third party service providers in the real estate finance sector who have long been interested in offering their customers more comprehensive lending solutions, but have shied away from the investment required to build the platform and network to effectively operate and maintain compliance in this environment,” stated Jason Smith, CEO of Solidifi. “These parties include LOS providers, closing services, and credit analytics companies who have the client relationships, connectivity, and complementary products to really add value as part of a comprehensive lending fulfillment solution.”
Solidifi Values™ was also designed to meet the concerns of lenders in the United States, who now face the challenge of complying with the Home Valuation Code of Conduct (HVCC), which comes into effect May 1, 2009.
The main focus of HVCC is to eliminate pressure and coercive practices between parties ordering appraisals and the appraisers fulfilling these assignments. This impacts mortgage brokers in the United States, who can no longer play a role in the selection of appraisers, and also requires lenders to establish effective controls to prevent origination staff from influencing appraisers.
“With HVCC about to come into effect, our lending operation requires a process overhaul to ensure compliance, while still maintaining the underwriting efficiencies we have worked so hard to build,” stated one of Solidifi’s early lender clients for this new solution. “We faced a buy or build decision and neither option struck us as particularly appealing. Buying from a traditional AMC would cause us to lose the long-term relationships we have built with quality local appraisers.”
Solidifi Values™ allows a lender to manage their own network under an HVCC compliant model, without the costly investment of building and maintaining a state of the art appraisal management platform, or worrying about establishing and maintaining a qualified list of professional appraisers to work with. The solution also has the added benefit of continued enhancements including appraisal management metrics and analytics, business rule driven processes, and Tier 1 hosting provided by Solidifi - all provided in a service-based transaction fee model.
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 and Toronto. Additional information about Solidifi is available at www.solidifi.com.
Contacts:
Solidifi Inc.
Mike Kraemer, 312-268-5679
Director, Marketing &
Communications
Fax: 312-268-5801
mkraemer@solidifi.com
www.solidifi.com