As leaders in the mortgage lending industry, we have the distinct privilege of working directly with key decision makers at lending institutions to learn about their challenges and provide solutions. When it comes to ensuring their collateral is properly valued, lenders and servicers have been very vocal about wanting property valuations that are cost effective and offer the confidence of a field appraisal.
Here are three primary reasons lenders seek to shift to a non-traditional property valuation process:
1. It’s more economical
The cost of an alternative valuation process can cost half of a full traditional appraisal process without losing quality. Lenders are on a constant quest to drive down their loan origination costs, and an alternative appraisal process is one method of doing so.
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