Spokane, Wash.-based mortgage technology provider SharperLending LLC has enhanced its Appraisal Firewall product with a new feature that the company says helps lenders further prevent undue appraiser influence.
Banks, credit unions and wholesale lenders that use Appraisal Firewall have access to a new message management feature that they can use for compliance reviews on appraisal orders. The latest enhancement combines and displays all anonymous messages between appraisers and originators on all appraisal orders into one place.
Employees who are independent of production can read all message content to identify and suppress communication that they deem questionable, SharperLending says.
‘Now that [the Home Valuation Code of Conduct (HVCC)] has settled out a bit, the lender's real needs are becoming clear – and these needs don't necessarily involve [appraisal management companies] for compliance,’ says Dave Black, president and CEO of SharperLending. "With lenders responsible for their own compliance, lenders need access to easy-to-use compliance features, which Appraisal Firewall continues to implement to lessen the impact of HVCC on their business."