Pro Teck Valuation Services Meets the Reconciliation Needs of Prominent Secondary Market Player

WALTHAM, Mass., March 30, 2011 /PRNewswire/ -- Before the housing market collapse, home value appreciation was the rule of the land.  Valuations were performed, deals were struck and expected collateral appreciation made any valuation error easier to tolerate.  

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Not anymore.

Five years ago buybacks were a rarity, occurring mostly in incidence of fraud on the part of the mortgage holder.  Today, requests for buybacks have skyrocketed, and investors, MI companies and originators don't always agree on whether the origination appraisal led to a non-performing asset.  

At Pro Teck we have seen a growing need for retro forensic reviews to determine whether there is any culpability on behalf of the originator.  All parties involved are looking for ways to mitigate risk through defendable information.  

AppraisalCheck, Pro Teck's suite of desk and field review products built for the repurchase market are designed to identify appraisal fraud, errors and misrepresentations.  By combining an experienced staff appraiser with a wealth of tools, data and a customizable reporting structure, Pro Teck provides custom solutions to meet this challenging industry problem.  

As an example, a major secondary market player came to us asking: "How can we look at our portfolio and see what specific properties hold valuation risk?"  From detailed discussions outlining their needs, Pro Teck's solution was an appraisal desk review with value reconciliation configured to meet specific risk indicators and tolerances.

The solution systematically reviews the past appraisal, grading the appraisal and pointing out deficiencies.  Dimensions reviewed include:

• Appraisal check.  A 17 point review process analyzes the appraisal.  Any abnormalities are reviewed and documented.  
• Eligibility check.  The subject property is reviewed to confirm GSE eligibility standards have been met.
• Data verification.  All property DNA of the subject and comparables are validated against historic MLS data.
• Analysis check.  Full MLS detail of all neighborhood comparables (sales and listings) at time of the origination appraisal is analyzed to determine if the original appraiser's comp selection was appropriate.
• Overall grade.  The appraisal is given one of four grades: Excellent, Reasonable, Inconclusive or High Risk.  Based on the rating and exposure, the client makes business decisions regarding next steps.

No two companies' needs are alike.  In appraisal reconciliation, Pro Teck has the people, processes, technology and know-how to get you the information needed to make smart business decisions.  

If your organization has needs that require customized appraisal review, contact your Pro Teck sales representative or email [email protected] today.

About Pro Teck:

Pro Teck Valuation Services is a national provider of residential real estate valuations.  With a sharp focus on data accuracy and customer service we deliver customized risk management solutions for funding, investing, servicing and secondary market requirements.  Please visit us at www.protk.com.

Contact:
Domenica Puleo
781.314.1627
[email protected]

SOURCE Pro Teck Valuation Services