The U.S. Department of Veterans Affairs (VA) is now using Corelogic's LoanSafe Appraisal Manager to ensure that real estate appraisals meet established VA requirements and standards.
The solution will be integrated into the VA's WebLGY system, which manages multiple aspects of the VA's review process when guaranteeing mortgages, according to a press release. All appraisals delivered to the VA through WebLGY will automatically run through LoanSafe Appraisal Manager as they are submitted.
LoanSafe Appraisal Manager will provide the VA and lender-based staff appraisal reviewers with the ability to thoroughly and efficiently examine appraisals, Corelogic claims. Each appraisal will be scored, and the system will produce benchmarking reports enabling the VA to understand risk across a variety of dimensions.
The solution assesses appraisals from multiple risk viewpoints, producing a valuation risk score and an integrity risk score for each appraisal. It also performs an analysis of comparable properties used in the appraisal and alerts reviewers to the areas where a more detailed review is warranted.
The valuation risk score measures both overvaluation and undervaluation risk, utilizing CoreLogic's automated valuation methods together with extensive proprietary property, multiple listing service and market data. The integrity risk score indicates the potential risk associated with the construction of the appraisal.
As part of the integrity analysis, LoanSafe Appraisal Manager also reviews missing or incomplete data fields, validates required and conditionally required fields, and verifies compliance with the Uniform Appraisal Dataset, Uniform Standards of Professional Appraisal Practice, Financial Institutions Reform, Recovery, and Enforcement Act, the Federal Housing Administration, VA, government-sponsored enterprise and other quality checks.