Leading provider of real estate appraisal, title and compliance services offers turnkey solution to enable banks, credit unions and mortgage lenders to lower costs, eliminate fixed overhead and improve regulatory compliance
CLEVELAND, OHIO – August 25, 2015 – Accurate Group, a leading provider of real estate appraisal, title and compliance services, today announced it has enhanced its managed services offering designed to help mortgage lenders more effectively comply with regulatory requirements and eliminate costly appraisal management overhead. The enhanced offering is designed for lenders who are currently managing their own appraisal function and related compliance efforts. By taking on the role of outsourced managed service provider, Accurate Group allows mortgage lenders to offload resource and capital-intense overhead functions related to appraisal management and appraisal compliance. The full-service, nationwide solution can help lenders significantly lower costs, deliver continuous regulatory compliance and focus more resources on core business functions such as loan originations and client service.
A recent Fannie Mae survey found that mortgage lending compliance costs increased nearly 30% in 2014. In addition, three-quarters of senior mortgage executives surveyed stated that new rules and regulations issued by the Office of the Comptroller of the Currency (OCC), Consumer Finance Protection Bureau (CFPB), Federal Reserve and Federal Deposit Insurance Corp. (FDIC) have had “significant” impact on their business.[1]
“Many real estate lenders are still managing their own appraisal management function, and adhering to regulatory compliance requirements has become a significant and expensive burden for mortgage lenders. In addition, the complexity of maintaining compliance is putting many firms in the risky position of being non-compliant,” stated Paul Doman, president and CEO of Accurate Group. “Our goal in providing this full-service, turnkey offering is to enable banks, credit unions and other mortgage lenders to offload the administrative burden and fixed overhead costs of managing real estate appraisals and related compliance requirements, so they can focus on their core business. Many financial organizations have already outsourced IT overhead and systems management, and it is now time for them to consider doing the same with real estate appraisal and compliance management. Not only will it eliminate the risk of non-compliance, but the immediate cost and resource savings they realize by partnering with Accurate Group for appraisal outsourcing can then be invested in more strategic areas for business growth.”
The new managed services offering is a full-service, turnkey solution that goes beyond basic appraisal outsourcing by combining leading-edge technology, proven processes, a certified compliance review panel and Accurate Group’s extensive nationwide network of appraisers. Mortgage lenders can be up and running quickly and immediately realize tangible cost savings and compliance benefits. Contact Accurate Group for more information.
About Accurate Group
Accurate Group is a leading provider of real estate appraisal, title and compliance services nationwide and an expert in home equity loans. Accurate Group combines exceptional service with advanced appraisal management technology and its proprietary AccurateAudit™ compliance foundation, going beyond a traditional appraisal management company (AMC) to provide banks and other residential and commercial real estate clients with the best combination of speed, accuracy, regulatory compliance and price. With Accurate Group, lenders gain a strategic partner that can help them increase revenues, lower costs and improve compliance across all types of real estate loans, including residential first mortgage, home equity, refinancing and default servicing, as well as all types of commercial transactions.
[1] Source: Origination News, October 16, 2014.