Recent news accounts indicate the SEC is taking a closer look at the MBS and ABS markets to ensure that owners of these portfolios are properly accounting for the decline in the underlying real estate collateral.
Lenders are also generally required by their regulators and auditors to increase the frequency and amount of valuations performed for delinquent or non-performing loans, as well as for REO and foreclosure purposes.
These conditions result in a notable increase in demand for a wide range of appraisal products, including those currently offered by Zaio through its national network of appraisers.
As a result of its recent business acquisitions, Zaio now has established relationships with over 10,000 appraisers capable of providing a full range of valuation services ranging from AVMs, BPOs, desk top valuations, drive-by, Review Appraisal, and full interior appraisal assignments. Zaio now has relationships with over 400 revenue generating customers who are ordering a wide range of valuation services.
Tom Inserra, Zaio CEO added: "Large institutional customers are telling us there are two significant problems in the mortgage backed securities markets today. First, buyers and sellers of these large portfolios need to be able to instantly and accurately value the real estate for hundreds of thousands of
properties, yet appraisers take days, weeks or months to complete that task. Second, pressure exerted on appraisers to artificially inflate the value of properties has compromised their independence and objectivity, causing the market to question the accuracy and consistency of appraisers."
"In the past, there has been no reliable method in place to measure the accuracy rate of appraisers. Zaio is the only company in North America that has solved these problems, and as a result, we are now accelerating the deployment of our valuable products across the USA."
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