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eAppraisIT Sees Need for REO Valuation Experts.
SAN DIEGO -- Appraisal management company eAppraiseIT sees loan servicing as a growing client market in today's financial environment.
In part, that's because appraisal management companies as an industry have a relatively small market share of appraisal services ordered by the mortgage industry, creating growth room for companies like eAppraiseIT. The growth of home-equity and second-mortgage lending has also added growth potential for the appraisal management industry.
One opportunity exists in meeting the needs of asset and REO managers in the mortgage industry, who may require valuation expertise that is unique to defaulted loans.
Lenders need both early-stage and late-stage default valuation estimates that take into account the property's condition, occupancy status and other factors that may affect the value of the collateral. eAppraiseIT's services include a department devoted to desk and field reviews of existing appraisals, including those made at loan origination and those from earlier in the delinquency process.
The company also provides "gap products" for loan servicers that couple automated valuation models with local real estate expertise. Those services include the combination of an AVM estimate of the property value along with a drive-by inspection, for instance.
Oftentimes, lenders find themselves trying to ...
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Source: HighBeam Research, eAppraisIT Sees Need for REO Valuation Experts.