US-based LandAmerica Financial Group has been selected by Flagstar Bank as a primary national provider of warranted valuations.
Warranted valuations are an optional solution lenders use to shield against possible financial loss as the result of defective real estate valuations. The warranty can be issued with traditional appraisals or automated valuation products. It is also available for refinance or purchase loans, second or other lien position loans and home equity lines of credit.
In addition to reducing the risks associated with mortgage lending, LandAmerica said that its warranted valuation solution is flexible and can be custom-designed to fit customers’ needs. And the warranty transfers with the loan if it is sold to another lender.
Cheryl Cox, senior vice president of LandAmerica, said: Being named a primary national provider of warranted valuations by Flagstar marks an important step in achieving LandAmerica’s goal to become the premier provider of real estate transaction services.