Improve Home Equity Appraisal Turn Times and Reduce Appraisal Costs
The Benefits of Home Equity Evaluation Products
The lending industry continues to be challenged by significant appraisal delays caused by an imbalance in appraiser supply and demand. To address these challenges, CSS is offering a new evaluation product that is ideal for home equity lenders. This product is valued by highly trained analysts rather than appraisers, and can be delivered in 2-4 business days, allowing you to close loans faster while still maintaining robust underwriting standards.
Benefits of CSS’s Home Equity Evaluation
2-4 business day turn time
Significantly less expensive than a full appraisal
Compliant with interagency guidelines
Includes every data field in a 2055 appraisal, with comparable accuracy based on extensive testing
Thorough exterior or interior/exterior inspection report, with option for virtual inspection
Full transparency of comparable data and selection
Extensive market analytics
Lender Case Study
CSS recently implemented this valuation product for a home equity lender closing several hundred loans per month.
The evaluation product has been successfully used on 75% of these loans.
On loans where the evaluation is unsuccessful due to property or loan characteristics, CSS automatically upgrades to an appraiser-valued hybrid or full appraisal.
On loans where the evaluation was used, the lender has reduced valuation cost and turn time by 70% as compared to a full appraisal.
Overall, this lender’s savings from using evaluations instead of full appraisals are approximately $60K/month.
