TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1467358
10 | M R EP O RT MTECH SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport and risk management capabilities for their specific needs. That's the formula for enabling amazing transaction experiences." O'Brien also emphasizes that SWIVEL is differentiated by its laser focus and deep understand- ing of the human element behind every transaction. Decades of working with banks, credit unions, and collection departments means the SWIVEL team brings a wealth of knowledge and experience to its clients, taking the guesswork out of facilitating payments. Busting Appraisal Bias BLACK KNIGHT INTRODUCES CA RISK PROFILER PLUS, DESIGNED TO HELP LENDERS AND APPRAISERS IDENTIFY POTENTIAL MINORITY BIAS IN COLLATERAL VALUATION. B lack Knight, Inc. an- nounced the launch of CA Risk Profiler Plus, a tool designed to help mortgage lenders, appraisers, and appraisal management companies (AMCs) identify potential minority bias in the home valuation process. By flagging potentially problem- atic valuations, CA Risk Profiler Plus enables a more rigorous collateral review process that can help reduce risk exposure for lenders and appraisers and support more equitable under- writing decisions. "Today's appraisers must bal- ance market demand for speed and efficiency with their obliga- tion to support home valuations that are objective, equitable and accurate," said Mike Sklarz, EVP, Managing Director, Black Knight Collateral Analytics. "CA Risk Profiler Plus combines valua- tion science and Black Knight's market-leading property data assets to make it easier than ever for appraisers, AMCs, and lenders to identify and remove subjectiv- ity from the appraisal process." CA Risk Profiler Plus evalu- ates an appraiser's list of selected comparables (i.e., properties with similar characteristics to the subject property) against a list derived from Black Knight's comprehensive U.S. property database. By identifying discrep- ancies between the two lists and by analyzing certain patterns, CA Risk Profiler Plus is able to alert customers when an appraisal may contain potential bias. CA Risk Profiler Plus is an op- tional add-on to CA Risk Profiler, a tool that helps lenders and AMCs determine the overall valu- ation risk of an appraisal or hybrid valuation based on factors like the degree of similarity between the subject property and comparables, the amount of variance between the appraised value and automated valuation models (AVMs), and the appraisal's compliance with Uniform Appraisal Dataset (UAD) standards. Both solutions are developed by Collateral Analytics (CA), a provider of property valu- ation and mortgage risk analysis tools that was acquired by Black Knight in March 2020. Research shows that inequities in home lending and appraisal processes disproportionately impact communities of color. For example, research from Freddie Mac shows that appraisers' opinions of value are more likely to fall below the contract price for homes in majority Black or Latino census tracts than for those in white tracts. An action plan published March 23 by the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) calls on housing industry stakeholders to take affirmative steps to advance equity in the valuation process by addressing potential bias in appraisals and AVMs. "U.S. policymakers are actively working to address valuation bias and its impact on America's racial wealth gap. PAVE's action plan clearly signals that industry stake- holders can expect greater process scrutiny and regulatory action in the near future," Sklarz said. "Black Knight is responding to this emerging trend by investing in tools like CA Risk Profiler Plus that help position lenders and appraisers to address valuation bias in a proactive manner that is grounded in objective data."