Collateral Analytics (CA) has developed a new solution to the TILA/RESPA Integrated Disclosure (TRID) rule to assist with property assessments likely to be complex and subject to higher appraisal fees. The CA Complexity Profiler will assist lenders, appraisal management and servicers with TRID appraisal fee compliance.
This device analyzes the subject property characteristics and compares them with those of the surrounding market sales. The objective is to identify each property as being complex, or non-complex, which will allow lenders and appraisers to quickly predetermine the level of difficulty of appraising each property.
“Determining the complexity of a property is important to the lending and the CA Complexity Profiler was specifically designed to assist the mortgage industry with TRID compliance,” Collateral Analytics CEO and President Michael Sklarz said in a press release.
The new regulation requires the Loan Estimate to be delivered to the borrower within three days of the application. The CA Complexity Profiler quickly provides the lender with an objective score to help determine if the appraisal fee should be adjusted based on the complexity of the property. The report also includes market-based indicators from the Market Condition Addendum in the standard 1004 Appraisal to provide further assistance.
“Today, many lenders have no early warning indicator in circumstances of a complex property,” CA Chief Appraiser John Cirincione said. “It is critical to quickly identify a situation that may result in an appraisal fee quote or pricing exception to ensure the most qualified appraiser is engaged and properly compensated.