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With the economy cooling off and a growing volume of subprime credit quality loans on the books, Lenders Service Inc. expects to see growing demand for collateral assessment tools.
While most property valuation products are used to originate loans, servicers need to check on the collateral too, especially when loans go sour.
And automated valuation models are increasingly the first thing a lender wants to see when a loan reaches a certain stage of delinquency.
"It's a great starting point for a servicer to get a feel for where they stand with the loan," said Jerry Testa, a senior vice president at LSI.
LSI offers four AVM models from a website, expanding coverage to include properties in over 90% of the nation, including all of the major metropolitan areas.
In addition, by ordering a property value estimate over the Internet, clients can obtain a ...
Source: HighBeam Research, LSI Sees Growing Demand for Collateral Assessment Products.(Brief...