Insured AVMs
Why pay $200 to $400 for an uninsured valuation, when you can pay around $100 for one that is fully insured and is returned in seconds?
- Why pay more than you need?
- Why wait 5 days for an appraisal?
- Why rely on an appraisers E&O for risk protection?
Newfound Risk has a better way. Let us show you how we have been helping major lenders create cost effective and risk focused valuation programs.
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Insured AVM FAQs
Are there any minimum volume commitments required?
We do not require any minimum volume commitments as a part of the contract. However, larger volumes do provide for more competitive pricing.
Is the policy hard to understand with lots of small print?
No. In fact, quite the opposite. When we created our product one of the keys requirements was a simple to understand policy. It is about 8 pages long in total. The loss provisions are very clear so you understand when coverage is provided.
How is the product priced?
We have designed the product to give broad coverage by nationally rated carriers, an easy to understand policy and a competitive price. The pricing is dependent on loan characteristics (e.g. FICO, LTV, Loan Limit, etc.), the AVM process and the level of volume. We have targeted the cost of insurance, along with the cost of your AVM, to be well under a drive-by appraisal. And our product gives you an insurance policy, which is not provided with a traditional drive-by or physical appraisal.
What is the claims process?
When a default occurs, an "As of" appraisal is ordered. If the AVM value proves to be incorrect, the carrier reviews the documentation, determines the actual amount of loss and payment is made, typically within 60 days.
How does your policy handle fraud?
Fraud on the part of the lender is specifically excluded. There is no such coverage exclusion for fraud on the part of the borrower. See the policy contract for specific details.
Why use Newfound Risk Solutions?
Great question, one we always love to hear. Newfound Risk is an advocate for the lender. Since we are not tied to an AVM, we will help you build the best product for your needs. And that independence allows us to customize the product to your needs. Most other products are offered from single AVM manufacturers and have only narrow insurance options. Their goal typically is to find ways to sell more AVMs. Our goal is not to sell more AVMs. Our goal is to create a well-rounded insurance valuation program that can meet your current and future needs.
Who do you want helping you? A company trying to sell more "product" or a professional solutions organization that can help you build an insurance program regardless of the valuation models you purchase? We think the answer is clear.
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