Lending Solutions launches online appraisal services

ELGIN, Ill. - Lending Solutions, Inc., a provider of lending services for credit unions, has announced a new appraisal service. Through a partnership with First American Corporation, LSI is offering appraisal services ranging from automated valuations to full appraisals. These appraisal products will be available beginning July 1, 2000, via LSI's new appraisal Web site at www.LSIAppraiseIT.com. The automated valuation reports utilize a computer-based real estate evaluation/appraisal system designed to ensure the best possible chance of determining a value of an improved single-family residential property in an urbanized setting. "The primary determinants for a Home Equity loan are credit, which we can receive in seconds, and property value, which historically has taken anywhere from three to ten days. The Automated Valuation allows the origination industry the ability to get Home Equity loans to closing in hours rather than weeks by providing values in a matter of seconds," said Rex Johnson, LSI partner and head of the University of Lending. By using a combination of statistical models, data sources and databases, LSIAppraiseIT.com captures the best data on a subject property, including recent sales, and organizes the results into an easy-to-read report. Utilization of LSI's automated valuation services will allow providers of first and second mortgage loan products to obtain an electronic automated valuation report of properties The LSI appraisal system also allows lenders to upgrade the automated valuation to anything from a "drive-by" to a full appraisal through the LSI web site, and receive credit for the automated valuation toward a future upgrade. According to LSI, automated valuations can reduce the valuation time by five to seven days, allowing lenders to obtain valuations at a cheaper cost. Typical automated valuations provided through LSIAppraiseIT.com are priced at $29.00.