Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, has enlisted StreetLinks National Appraisal Services to provide its members with appraisal services and compliance expertise. As Lenders One's newest preferred vendor partner, StreetLinks is a national appraisal management company that offers comprehensive valuation solutions to mortgage lenders and other origination firms.
‘As the mortgage industry and the demand for different loan products have evolved over the last year, so has the appraisal process," says Luke Pille, director of national programs at Lenders One. "Our members have expressed an interest in keeping up with changing regulatory guidelines, particularly with the Home Valuation Code of Conduct that will now take effect on May 1, 2009. It was our responsibility to find an experienced compliance partner to provide our members with complete assurance throughout the collateral valuation process."
The partnership will benefit Lenders One members by providing them with faster loan approvals and superior loan performance, the companies say. All StreetLinks appraisals are backed by a 100% loss warranty, meaning that if a lender suffers a loss related to a proven defect in a valuation, StreetLinks will cover that loss entirely.
In related news, StreetLinks says it has expanded into a new facility and begun increasing staffing.
‘The new facility gives us an additional 30,000 to 45,000 square feet and the ability to handle up to 50,000 additional orders monthly," says StreetLinks COO Tony Ebeyer. "While this certainly will allow us to properly service our current and prospective customers, we will continue to monitor and adjust as needed."
StreetLinks is currently hiring additional operations associates and will continue to add staff ahead of the new facility's March opening.