By adding Property Vision to any contact-less valuation product, including AMVs, lenders gain the benefit of more accurate valuations and safer older borrowers
Washington, D.C., – June 24, 2020 – Appraisal Logistics, a leading provider of high quality appraisal management services, technology and compliance solutions for the residential/commercial mortgage industry, announced today that the company’s new Property Vision appraisal inspection tool will remain free for the time being. Older Americans continue to face higher COVID-19 risks and reverse mortgage lenders are currently in need of a method for receiving higher quality valuations while keeping these older borrowers safe.
“Lenders have embraced Property Vision because it allows their appraisers to provide a more accurate opinion of value without putting the lender’s customers and appraisers at risk,” said Frank Danna, CEO of Appraisal Logistics. “Nowhere is this more important than in the reverse mortgage lending space, where our borrowers face higher risks. Property Vision keeps the industry running without putting our people or our borrowers at risk.”
Property Vision gives borrowers the assurance that their lender cares about their health and safety and gives lenders fully compliant real estate valuations, all while keeping appraisers out of harm’s way. The new products are acceptable to agency investors and meet the GSEs’ guidelines for collateral valuation during the COVID-19 crisis.
Recently, the Federal Housing Administration increased its maximum claim amount for reverse mortgages for 2020. This year, the HECM limit rose to $765,600 from 2019’s level of $726,525. This is the fourth year that the FHA has increased the HECM limit.
Appraisal Logistics developed Property Vision to allow the consumer to take interior photographs of their home using any web-enabled device equipped with a camera. There is no app to download and consumers are provided with simple instructions that walk them through the process. The technology automatically collects geocoding information and other metadata to ensure that the photographs are of the subject property and then makes them available to the appraiser.