Full Appraisals Vs. AVM's in one month

[Michael Reilly]

These monthly numbers are reality.

mreilly NY

LandSafe Announces Record Results in July

LANDSAFE LOGO
LandSafe logo. (PRNewsFoto)[TC JL]
PLANO, TX USA 08/14/2002





PLANO, Texas, Aug. 23 /PRNewswire/ -- LandSafe, Inc., a premier provider
of real estate information and closing services, today reported that during
July the company processed and closed the highest number of orders for a one-
month period in the company's history.
(Photo: http://www.newscom.com/cgi-bin/prnh/200208...14/LANDSAFELOGO )
During the month, LandSafe reported a total of 759,321 orders completed
nationwide for credit reports, appraisals, title orders, inspections and flood
determinations. This breaks the company's previous month-high record of
733,274 orders set in October 2001 at the peak of the recent refi boom,
announced Michael Faine, managing director, president and chief operating
officer of LandSafe, Inc.
"The most significant aspect of this record performance is that LandSafe
is expanding market share in addition to increasing volume," Faine said.
"While the entire industry is experiencing a continued robust refi market, our
people and technology improvements enable LandSafe to meet the demand and grow
while maintaining high quality and customer satisfaction levels."
Leading the month for LandSafe were LandSafe Credit Services, reporting
414,051 credit reports processed, and LandSafe Appraisal Services, reporting
39,734 full appraisals and 166,611 automated valuations completed for the
month of July. LandSafe reported 129,903 flood determinations and an
additional 9,022 orders for inspection, title and escrow services completed.
July volume increased LandSafe's production to more than 4.5 million total
orders for the first seven months of 2002, which is significantly ahead of the
company's total production of 3.2 million orders for the same period last
year.
Founded in 1994, LandSafe is a wholly owned subsidiary of Countrywide
Credit Industries, Inc. (NYSE: CCR). Through its various subsidiaries,
LandSafe offers high-value-added real estate closing services, using
technology and automation to reduce costs. In addition to appraisals,
LandSafe also offers credit, flood determination, inspection and title
products and services. For more information about LandSafe and its products
and services, please visit LandSafe on the Web at http://www.landsafe.com , call
877-LS CLOSE, or visit our booth at the MBA's 89th Annual Convention and Expo,
Oct. 20-23, in Chicago.

Click here


SOURCE LandSafe, Inc.
Web Site: http://www.landsafe.com
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http://www.newscom.com/cgi-bin/prnh/200208...14/LANDSAFELOGO PRN
Photo Desk, +1-888-776-6555 or
+1-212-782-2840

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[Michael Reilly]

There was a time just a few years ago where I could put my finger on the size of this market. WE ESTIMATED IT TO BE BETWEEN 3.5 AND 4 BILLION nationally. Based on this data I would be willing to bet that at least 1 Billion of it is gone to this young and quickly growing/accepted technology. Like it or not.

mreilly NY

 

[Leon Stewart]

What is also noteworthy is the relatively small number of full appraisals, and of equal concern is the ratio of full appraisals to AVM's, approximately 1:4., and I would expect that factor to significantly increase for the year 2002.

Leon

 

[Pamela Crowley (Florida)]

I'll look forward to the 'reviews' and litigation work this will eventually bring in.

 

[The Bob]

Unfortunately, this trend will only accelerate. If you assume each credit report represents one deal, then only about 10% of all transactions involved a full appraisal.

 

[Mike Garrett RAA]

[/b]So tell me then....why am I soooooo busy?

 

[Leon Stewart]

I'll look forward to the 'reviews' and litigation work this will eventually bring in.

I doubt if there will be any Reviews or litigations involved in AVM's since they don't require any Reviews, and since AVM's could be considered a Lender's internal Item for their own business use, and not a hard and fast rule on Market Value, it's unlikely that they will be scrutinized.

Leon

 

[Leon Stewart]

Unfortunately, this trend will only accelerate. If you assume each credit report represents one deal, then only about 10% of all transactions involved a full appraisal.

This is just another indication that the "Naysayers" up in here are correct in indicating that the Residential Appraisal Profession will be dying fast in a few short years.

leon

 

[Leon Stewart]

So tell me then....why am I soooooo busy?[/b]

Temporary my dear Mike, temporary.

Don't wait for it to hit you "like a ton of bricks".


Leon

 

[Steve Owen]

Pam may be wrong about review work, but she is not wrong about litigation. It may take a couple of years, but when people are unable to sell at anywhere near the loan value they will go to the courts looking for who and how that value was determined. Don't write the residential appraisal profession off just yet.