Spokane, Wash.-based SharperLending LLC, a provider of appraisal and settlement services technology solutions, has expanded its Appraisal Firewall technology product to offer automated appraisal reviews through a partnership with MDA Lending Solutions and ValuationLogic.
Lenders can now run each appraisal through a rule set that checks for errors, which the companies say will help lenders make faster underwriting decisions and increase loan production.
Appraisal Firewall is valuation technology that enables lenders to keep working with their local appraisers and be compliant with both the Federal Housing Administration's appraisal rules and the Home Valuation Code of Conduct (HVCC). Rather than offering manual appraisal reviews, SharperLending and MDA Lending Solutions have partnered to incorporate ValuationLogic's patented review tool, CollateralLogic, into the Appraisal Firewall workflow.
The partnership between MDA Lending Solutions and SharperLending reflects an increased focus on the use of technology in the mortgage marketplace for managing appraisal workflow, the companies say.
The integration of the CollateralLogic automated appraisal system provides a completeness check at the time of report submission rather than queuing the appraisal up for manual review.