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Appraisal errors debunked

August 13, 2002

LandSafe's new product weighs appraisal report accuracy and integrity

Inman News Features

Mortgage portfolio buyers and sellers can test appraisal reports with the LandSafe Appraisal Risk Analysis product announced today.

LandSafe's new product for mortgage loan buyers, sellers or servicers can be used to assess the integrity and quality of residential property appraisals.

The LARA report is based on an analysis of national property value databases and the LandSafe reviewer's professional quality check of the appraisal, according to LandSafe. After review, the original appraisal receives a numeric risk score ranging from 1 (high risk) to 5 (low risk). A high-risk score of 1 means the appraisal report may contain numerous errors and omissions and does not support the value. A low-risk score of 5 means the value is adequately explained and is acceptable.

LandSafe, a subsidiary of Countrywide Credit Industries (NYSE: CCR), provides real estate closing services using technology and automation.

Copyright: Inman News Service

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