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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 28 June 2023 I N D U S T R Y U P D A T E PHH ANNOUNCES NEW SUBSERVICING AGREEMENT WITH FINANCE OF AMERICA REVERSE P HH Mortgage Corporation, a subsidi- ary of Ocwen Financial Corporation, has announced that it has entered into a reverse mortgage subservicing agreement with Finance of America Reverse LLC (FAR). "We are very pleased to enter into this new subservicing relationship with FAR," said Scott Anderson, EVP and Chief Servicing Officer at PHH. "This agreement is consistent with one of our core business strategies of growing our subservicing port- folio and is a testament to the strength and quality of our servicing platform as a premier subservicer for both forward and reverse mortgages. We look forward to a long-term relationship with FAR and delivering on the expectations that they have for their servicing partners and customers." As of Q4 of 2022, the PHH's total reverse servicing portfolio was approximately $31 billion in UPB, which included approximately $23 billion in subservicing UPB. The agreement with FAR provides a meaningful opportunity to grow PHH's reverse subservicing portfolio, and strengthens its standing as the only organization in the United States that can both originate and subservice reverse mortgages. VEROS AND VALLIGENT LAUNCH APPRAISER TRAINING PROGRAM V alligent, an appraisal management company (AMC) recently acquired by Veros Real Estate Solutions, a provider of risk management and collateral valuation services, has announced the launch of the Valligent Appraiser Training Program (VATP) to increase appraiser diversity and of- fer necessary resources to promote inclusion in the lending industry. The goal of VATP is to not only provide an opportunity for mi- norities to become experienced professionals in this space, but to also provide the industry an effective solution to address potential appraisal bias. Through VATP, Veros and Valligent offer an accessible and affordable option to encourage underrepresented groups to enter the appraisal industry. According to industry statistics, approxi- mately 85% of all property appraisers and as- sessors are white, 5% are African-American, and 7% Hispanic. Other demographics that dominate the appraising industry are gender and age, with approximately 68% being male with an average age of 50 and over. VATP was created with the goal of changing that—mak- ing the appraiser pool more representative of the buyers and sellers they serve. VATP partners with lenders who agree to order appraisals from trainees and their supervisors in order to help the trainees com- plete the 1,500 work experience hours needed to become a residential certified appraiser. Trainees begin with education, then, over the course of nine to 12 months, are supervised by experienced, certified appraisers who direct, oversee, and take full responsibility for the assignment. The Valligent supervisor will be responsible for making sure the trainee has access to the most recent technology tools, resources, and hands-on guidance to successfully complete all the state require- ments to become a fully certified appraiser. Trainees also receive pay and benefits during their hands-on training. "To address the need for diversity in the appraisal industry, we are offering a program that can directly impact minority communi- ties and professionals," said Jeremy McCarty, Founder and CEO of Valligent. "Support for our program has been encouraging since a number of lenders have expressed interest in sponsoring a trainee." This program closely aligns with the Appraiser Diversity Initiative (ADI), in which Veros and Valligent are also involved, working with the National Urban League's regional Entrepreneurship Centers, the Appraisal Institute, Fannie Mae, and Freddie Mac. The ADI is designed to find diverse candidates and educate them about the ap- praiser profession. VATP provides a natural next step for any candidates looking to start an appraiser career. Once certified, the ap- praiser can continue as a Valligent employee, be employed by the sponsoring lender, or According to industry statistics, approximately 85% of all property appraisers and assessors are white, 5% are African-American, and 7% Hispanic.