Next-Generation Appraisal Option on Loans Not Requiring A Full Appraisal
March 07, 2019 01:00 ET | Source: Data Facts
Memphis TN, March 07, 2019 (GLOBE NEWSWIRE) -- Data Facts, a nationwide provider of mortgage lending solutions, recently announced the addition of an exciting new product on their appraisal ordering platform. The Verisite Plus Report is a new concept in property inspections that provides lenders with a combined report featuring current interior and exterior property photos and current, comprehensive property data on loans that don’t require full appraisals.
Verisite utilizes mobile device technology to enable lenders to gather property data, such as interior and exterior photos with descriptions, maps, and comparable sales data, from borrowers, appraisers, realtors, or anyone the lender deems fit. Mobile devices deliver the requested property data back into the appraisal platform where property data is combined to produce the Verisite Plus Report. Lenders are empowered with speed unlike any product of its kind for faster decisioning on loans that do not require full appraisals. The cost is also significantly less than traditional appraisals.
Julie Wink, the EVP for Data Facts, is confident in the new product. “We are always looking for ways to help our clients streamline their efficiencies. The Verisite Report is ideal for equity lending condition reports, construction loan progress payments, portfolio risk management, and more. When lenders use the Verisite Report, inspections are completed faster, loans are processed faster, and the result is an improvement in the borrower experience.”
The product was developed by technology provider Sharperlending LLC. “Verisite transforms loan pipelines into borrower attraction and retention tools with efficiency and speed” says Dave Black, CEO and Founder of SharperLending. “Lenders choose which property details and pictures they want, such as specific detail on new kitchen countertops, then place their order to the Photo Agent of their choosing. Upon delivery, lenders can request additional details or picture retakes, then generate the final report that meets their needs.”
The Verisite Plus Report is currently available inside Data Facts’ appraisal ordering system.
Headquartered in Spokane, Wash., SharperLending LLC, was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the internet. The company’s proven technology has processed more than two billion secure mortgage transactions. SharperLending has been processing appraisals since the late 1990s, with Appraisal Firewall breaking out of the company’s settlement services technology into its own unique offering.
About Data Facts
Since 1989, Data Facts, Inc. has provided trusted information to Mortgage Lending professionals, enabling them to reach sound lending decisions. Data Facts stays at the forefront of the industry by cultivating strong client relationships, providing accurate and thorough information, investing in innovative technology, and adhering to strict standards of industry compliance and regulations.
We sustain a SOC 2 certification, are actively involved with various MBA chapters, and require all staff members to hold FCRA certifications.
Data Facts is certified by the Women’s Business Enterprise National Council (WBENC) as a 100% woman-owned business.