First American Corporation’s, eAppraiseIT recently released ValueView, a new hybrid valuation product that will help the reverse mortgage industry assess and monitor the value and condition of portfolio properties.
With housing prices falling across most parts of the country, reverse mortgage lenders need to be sure homes in their portfolio are being well maintained to keep their value. ValueView addresses this need by offering a low cost, data-driven solution to monitor current market value and property condition after a loan has funded.
ValueView combines a “drive-by” inspection of the subject property with a valuation determined by two comprehensive automated valuation models (AVM). Lenders receive a current photograph and a concise on-site inspection report that answers questions concerning the property condition, its overall marketability and the state of the surrounding neighborhood.
“Reverse mortgages are one of the fastest growing segments of the mortgage industry and as the baby boomer generation ages, the need for these products are expected to increase,” said Mike Fosser, senior vice president of business development for First American eAppraiseIT. “Because we have one of the largest networks of Federal Housing Authority-certified appraisers, eAppraiseIT is very active in the reverse mortgage space. Our understanding of this market and our clients’ concerns led to the development of ValueView.”