Atlas VMS, a valuation and mortgage solutions company providing modern appraisal and technology platforms, recently announced the launch of Atlas LoanShield, an insurance-backed appraisal warranty that guarantees the accuracy and reliability of appraisal reports issued by the company, according to a release from Atlas VMS.
Atlas LoanShield protects lenders from financial loss when defects in an appraisal trigger a buyback demand. Industry research shows the average loan repurchase will cost lenders $32,288, and appraisal-related issues are among the top causes, contributing to more than half of all repurchase cases.
With Atlas LoanShield, lenders will experience reduced repurchase risk, increased confidence in the valuation process, and the ability to provide additional compliance assurances, all of which contribute to faster underwriting and loan closings.
“Appraisals sit at the center of every mortgage transaction, yet lenders have historically carried the risk when something goes wrong,” Atlas VMS CEO Erik Morin said in the release. “By standing behind the work we deliver with a true appraisal warranty, we’re giving lenders added protection, greater confidence in valuation quality, and one less obstacle standing between them and a smooth, compliant closing.”