The OBL has created Valuation Analytics - an exciting, new affiliate under its service corporation arm, OBL BankServices. This new portal is composed of all of the relevant education, training, certification, valuation products and other resources to provide member subscribers access to a robust valuation management platform.
Ohio’s banks are being tasked with lowering the rising costs and turnaround times associated with the valuation process. This is more difficult when smaller lenders are competing with larger mortgage companies and brokers with comprehensive in-house resources. Smaller banks have a new set of challenges with the need to carefully and compliantly vet and manage third party service providers. Banks that use these partnerships can offer a range of required valuation services at an affordable price featuring a faster turn time.
Compliance has also created challenges when it comes to managing the quality of valuation products and their output. Larger mortgage companies have compliance teams assigned with the responsibility of managing their valuation process, but these functions are more challenging for smaller lending institutions with fewer staff. These extra responsibilities have added to the cost and turn times associated with the whole appraisal process. The Valuation Analytics Portal offers a rich environment where all of the tools necessary for regulatory compliance and valuation management are easily accessible.
One Stop Portal
This one stop portal combines all needed and properly vetted valuation and compliance tools covering the entire lending process. Each bank has access to a dashboard, which is custom-tailored to the bank’s own lending environment. This state-of-the-art vendor and appraisal management system allows for the simultaneous ordering, tracking and review of all valuation products and services. The VA portal offers the most diverse, extensive set of appraisal and alternative valuation products available in one place, designed to meet the specific needs of each loan or transaction type.
Traditional appraisal products include:
· Accurate ValueNet™ (industry-leading desktop appraisal suite)
· Valuation Compliance Report
· 2055 Drive-By Appraisals
· 1004 Full Appraisals
· Appraisal Desk and Field Reviews
Alternative valuation products include:
· Property Condition Report
· Automated Valuation Models (over 18 AVMs)
Commercial appraisal products include:
· Appraisal Report for Residential Income Property
· Narrative Commercial Appraisal Report
· Commercial Evaluation Report (CER)
· Platinum Commercial Evaluation Report (PCER)
For more information or to test drive the advanced functionality available under the Valuation Analytics umbrella, contact Kevin Klosterman at firstname.lastname@example.org or (614) 340-7613.
McKissock Learning Banking Suite
In the ever-changing regulatory landscape, banking and lending professionals assessing real estate value need an extra edge to mitigate risk, stay compliant, and improve bank audit scores. McKissock Learning partnered with the Ohio Bankers League to offer online courses on valuation for banking and lending professionals. The new Banking Suite courses were created from a deep understanding of real estate appraisal and the valuation industry. The flexible online delivery format makes it easier than ever to grow your knowledge.
The McKissock Learning Banking Suite offers three courses on the topics that you need most:
1. Evaluating a Report for USPAP Compliance, developed in partnership with The Appraisal Foundation
2. Best Practices for an Appraisal Review Operation
3. The Mechanics of Appraisal Review: Single Family Residential
For more information or to enroll in courses today, visit the McKissock website.