theMReport.com Your trusted source for mortgage banking news
*Interthinx:* *Case* *Study* *Three*
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.
[IMAGE]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 Three below.
[COLUMN_BREAK]*_Top_* *_Reasons_* *_for_* *_Repurchase:_* *_Incomplete_* *_Analysis_*
_Property_ _specifics_. Review of file due to foreclosure
1. Conforming home, good condition, nice neighborhood.
2. 12/07 OA / Property values = ├â┬ó├óÔÇÜ┬¼├àÔÇ£stable├â┬ó├óÔÇÜ┬¼├é┬Ø. FMV = $255k top FMV due to remodeling.
3. OA 5 sales at or above $200k however listing DOM is steadily increasing and list prices are falling. At time of OA, 14 proximate and statistically similar homes listed at or below $200k ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô all same neighborhood and similar condition.
4. Most respected market reports noting declines in value and increases in exposure time.
REO 12/08. BPO $185k however listed at $212k. Exposed with two realtors for 16 months sold $145k ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô move in condition.
5. Repurchase due to appraiser not advising of declining market and ignoring comparable listings of same to similar homes at lesser asking prices ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô plenty of data cited by review appraiser from time of OA.
6. Exponential loss to lender = loan amount plus associated costs.
_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.
