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April 2024 ยป thefivestar.com 5 April 2024 M T E C H ICE PROVIDES NEW APPROACH TO VALUATION CHALLENGES I ntercontinental Exchange, Inc. has announced the addition of two new solutions to its growing suite of valuation tools for the real estate markets and housing finance industries. The newest solutions, Validate ROV and Valuation Selector, each address partic- ular challenges inherent in the need for swift, accurate, objective, and compliant property valuations. "Transparent and accurate proper- ty valuations are essential to housing finance," said Tim Bowler, President of ICE Mortgage Technology. "ICE is proud of the work we've been doing on this front, leveraging our technology and data to build a set of smart solutions that help homeowners, lenders, and investors have confidence in the values underlying the mortgage process." Validate ROV offers confidence to homeowners and buyers seeking recon- sideration of an appraised home value, as outlined under the proposed federal Property Appraisal and Valuation Equity (PAVE) initiative. After accessing a link provided by the lender, homeowners will use their mo- bile device to follow a series of prompts to take photos of the property, giving examples that show why they believe the appraisal may be in error. Validate ROV uses geofencing and time stamps to confirm that photographs are contem- poraneous and accurately reflect current property conditions. Through intelligent automation, Validate ROV helps reduce manual steps and paperwork for lenders while ensuring the homeowner or potential homebuyer can easily provide objective evidence as to why they are seeking reconsideration. Valuation Selector helps lenders and investors to identify the complexity of a particular property's valuation and rec- ommend the most suitable method for determining value. Pulling from public records, assessors, and listing informa- tion, Valuation Selector applies advanced logic and analytics to recommend the most appropriate and cost-effective of the following valuation types: automat- ed valuation model (AVM), AVM with inspection, desktop exterior, desktop interior, or full appraisal. Validate ROV and Valuation Selector add to the growing suite of ICE proper- ty valuation solutions, which includes industry-leading AVMs, intelligent data collection tools that support GSE val- uation requirements, and Risk Profiler, which combines analytics, local market data, neighborhood demographic trends, comparable property sales, and key collateral metrics to help reduce risk exposure on potentially problematic valuations. "The mortgage industry faces numer- ous challenges related to the valuation process today," Bowler said. "Regulators are paying close attention to valuations for many valid reasons. As part of our overall mission to digitize the housing continuum, ICE is marrying technolog- ical innovation with our vast data assets to bring transparency and accuracy to a complex, often confusing market." CLOUDVIRGA EXPANDS INTEGRATION WITH INFORMATIVE RESEARCH'S VERIFICATION PLATFORM C loudvirga has announced that it has expanded its integration with Informative Research. Through the expanded integration, originators on Cloudvirga's Horizon Plat- form and Horizon TPO can now access Informative Research's Verification of Employment (VOE) and Verification of Income (VOI) data and analytics. According to Cloudvirga, verifying employment and income is frequently a stumbling block for lenders since not all electronic verification providers have access to the consumer data needed for a comprehensive VOE/VOI report. As a result, working with multiple providers can be useful, but only if there is an auto- mated and efficient process to do so. The Informative Research integra- tion allows originators to create multiple configurable waterfalls with an unlim- ited number of VOE/VOI providers defined per waterfall within the Horizon Platform. If one provider is unable to provide a comprehensive verification report due to a lack of data, it falls to the next provider on the list. This is designed to provide an efficient, cascading process that continues until the requisite infor- mation is delivered. By creating a waterfall of providers, originators can ensure they're receiving the most accurate and complete VOE/ VOI package. Originators will receive an in-depth transaction report of which providers were able to fulfill their requests, and the full VOE/VOI results can be delivered to the originator within seconds. The data within this package is then automatically pre-populated in the loan file and can be delivered to under- writing, significantly streamlining the application process. This eliminates the need to request employment and income documentation from borrowers, thereby saving time, reducing costs, and improv- ing the overall experience for both the borrower and the originator. "Verification of employment and income can be a time-consuming and often complex step in the origination process. Originators often have to wait for borrowers to collect documents and submit pay stubs, W2s, etc., or rely on providers that often have a lower hit rate because they don't have access to all the necessary data," said Maria Moskver, CEO of Cloudvirga. "Our new integration with Informative Research's Verification Platform means that originators can ensure they're getting the most com- plete and accurate data on a borrower's employment and income in seconds, further accelerating their underwriting processes."