Default Services Case Study: Large Non-Bank Originator Leverages MAP Automated Valuation Model for Its Default Servicing Group

Client’s Challenge

  • The client, a major U.S non-bank mortgage lender, required a tool for assessing market values for properties in their portfolio that were in 60+days default.
  • The client needed to have a robust tool with the capability to gather subject property DNA for investigation purposes within Default Servicing divisiontheir existing methodology involved online searches to gather information.
  • This information retrieval process for reporting purposes was timeconsuming and delayed decisions.

Our Solution

  • The client made the decision to leverage the MarketAssessed Price (MAPAVM tool for both its quick and accurate residential property valuations as well as its subject property DNA gathering capability.
  • We worked with different areas within Default Servicing to customize MAP AVM specific to each group’s needs – depending on their level of investigation.
  • We worked with clients to identify the key areas of investigation / further review, allowed for quicker property information access and custom reporting for internal documentation gathering.
  • In addition to offering an effective tool for review and reporting, we also structured a Quality Control process within Default Servicing to allow staff to investigate property information and assess values compared to other valuations tools.

Outcome

  • Having a valuation model and property DNA research tool integrated on one platform significantly increased the client’s workflow efficiency, cutting down property research time and reducing costs by relying on the AVM instead of a more costly BPO or appraisal.
  • After seeing the benefits that MAP AVM brought to the Default Servicing department, other groups within the firm began to leverage the capabilities of MAP AVM for their business needs.