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*Interthinx:* *Case* *Study* *One*
In the current mortgage landscape, valuation can be an adventure, but the right strategies and methods can help ensure quality control. To assist professionals navigating today's valuation concerns, _MReport_ tapped ""Interthinx's"":http://www.interthinx.com/ chief valuation officer, ""Mark Chapin"":http://www.youtube.com/user/ReutersVideo?blend=2&ob=4#p/c/AAEA5C7CC7B65F1B/14/FYd4v5ZTAVs, IFA, for his expert opinion, which we included in our publication's October issue. Today, we're sharing his exclusive article and related case studies, as we examine a critical component of the mortgage marketplace. Please review Chapin's ""full article"":https://themreport.com/articles/interthinx-are-valuations-tempting-fate-2011-10-20 on TheMReport.com, and observe Case Study One below.
[IMAGE]*_Top_* *_Reasons_* *_for_* *_Repurchase_*: *_Misrepresentation_*
_Property_ _notations_. ""The subject property is located in an established neighborhood of predominantly ranch style homes close to all expected amenities in this housing class"".
[COLUMN_BREAK]""no adverse neighborhood or site related issues noted at inspection"".
_Property_ _specifics_. Subject is the property at the left of the image in the above photo.
Review of file due to payment delinquency.
1. The OA shot the street scene from right to left.
2. The field reviewer shot this photo {we duplicated it using Google}.
3. All of the comparable sales utilized in the report were
statistically similar but .25 to .5 mile west of the subject.
4. Two sales were located within .01 mile of the subject. These sales, although similarly renovated, brought 19-28% less than the other sales utilized in the OA.
5. The retro field review considered all of the sales available at the time of the OA however, for obvious reasons weighted the most proximate sales. After balancing all other factors, the final estimate of value was reduced by 25%. The lender was placed in an indefensible position and was required to repurchase the loan.
6. The borrower is still in the home.
_Conclusion_. Misrepresentation is the number one reason for repurchase.
_About_ _Mark_ _Chapin_
As Chief Valuation Officer for Interthinx, Mark Chapin oversees all value related activities. His diversified background includes federal government and conventional lending experience, independent specialty valuation experience and decades of marketing, solution development and sales experience in the US and Canada.
