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IAS Applying "Distressed" Methodology to Automated Real Estate Valuations
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - May 20, 2009) - Integrated Asset Services®, LLC (IAS®)
(www.iasreo.com), a leader in default management and residential collateral
valuation, announced today the availability of a "distressed" valuation
feature within the iValue suite of automated valuation products.
This new feature is intended to help mortgage servicers around the country
more accurately value distressed residential properties and loans
associated with such collateral. Industry leaders anticipate an
unprecedented volume of distressed properties and fluctuating loan-to-value
ratios over the next several quarters as a flood of default and REO
properties enter the market.
"Financial institutions and mortgage servicers need a fast and affordable
way to review their portfolios and make decisions for each individual
loan," said Dave McCarthy, President and CEO of Integrated Asset Services.
"The distressed valuation feature is a way to individualize the value of
each property according to the state of the local market and the
property-specific factors that may negatively impact value."
iValue already delivers deeper business intelligence than any other single
Automated Valuation Model (AVM) source in the market, reporting on subject
value, median house price trends, and neighborhood intelligence. The new
"distressed" feature extends the AVM to extract and weigh key data points
that indicate whether a property is considered distressed within the iValue
model. Other AVMs typically overlook a property's state of distress;
resulting in valuation error and greater portfolio risk.
The iValue enhancement will identify and flag those properties that are in
some state of distress, including notice of default, company-owned,
abandoned and sheriff sale. The feature also applies neighborhood analytics
to search and select area listings and sales that can be identified as
distressed, enabling the AVM to utilize relevant comparables. The
distressed methodology isolates and monitors price trends for distressed
properties in a local market, allowing the model to accurately establish
the spread between retail market value and distressed value.
"An intelligent AVM is able to recognize a distressed property state,
quantify the price pressure on a given market and value each asset
accordingly," said Ric Miles, CEO of IntelliReal, IAS's technology partner.
"Identifying the distressed value of a property within its local market
will give servicers and mortgage traders the ability to more proactively
strategize and manage portfolio risk."
iValue is one of several innovations introduced by IAS to assist financial
institutions mitigate risk through a fast and low cost solution. The firm
recently launched its monthly-reported IAS360 House Price Index last year.
IAS's high-tech and high-touch product lines (www.iasreo.com/iseries.html)
offer an unmatched level of detail in a rapidly changing housing
environment.
About Integrated Asset Services, LLC
IAS (www.iasreo.com) is a privately held Colorado-based corporation
specializing in default mortgage services including valuation,
reconciliation and full cycle REO disposition. The Company's advanced
valuation and volatility technology combined with its expert professional
services help its clients reduce exposure while expediting the entire asset
management process. Founded by REO industry experts, IAS provides services
that go beyond industry expectations, from the level of integrity of its
employees to the measurably better service it routinely provides.