Interview with Jim Beatty, SRA, CRP. He is a SVP and Valuation Product Manager for ISGN
Buzz: Jim, Can you tell us a little about ISGN? Last we heard you were part of Fiserv.
Jim: In December 2009, ISGN acquired the Loan Fulfillment Solutions business from Fiserv. The combined companies created a top three provider of mortgage technology and services. ISGN offers a global reach for providing products and services while leveraging the management expertise of each entity.
Buzz: So what are some of the things you and your group are working on?
Jim: There are so many challenges in play today. The Dodd-Frank Bill and specifically the "customary and reasonable" fee is probably number one on everyone’s radar. But other points of interest such as proximity standards are also of note and will provide for changes in how orders are being assigned. Last week, the Federal Reserve Board issued their final interim rules which include the timing of compliance that C&R fee’s be paid to the appraiser no later than 4/1/2011. This will provide the time needed to work with our partners to ensure we strengthen our processes from order request to delivery of the final product through technology and integrations. We also continue to focus on creation and implementation of hybrid valuation products, portfolio surveillance tools, and loan modification products. There continues to be an increasing demand for value reconciliations. We are also focused on integrating our existing loan origination systems clients with our valuation, title, and mortgage processing products. This is what made the acquisition a strategic move for both companies. ISGN had focused on the technology while Fiserv Fulfillment Solutions specialized on products and services.
Buzz: We are curious what your stance is on the C&R Fee. Would you share what ISGN is doing?
Jim: Like most other management firms, we are still digesting the final interim rule and will be an active participant in the 60 day comment period. We are also involved in several trade and advocacy groups, including CRN, REVAA, and TAVMA who will continue to monitor comments from DC and share with the membership. Bottom line is the C&R Fee is clearly a significant component of the Bill. ISGN is fully prepared to work with each client in order to ensure that we are managing the process within governance of the regulation while customizing solutions to streamline processes to the clients expectations.
Buzz: You mentioned Reconciliations. Can you elaborate on that?
Jim: Since we opened our Portfolio Solutions division in 2005, we have performed more than 175,000 reconciliation and tie-out services. We currently have appraisers in all 50 states experienced in the reconciliation process, for clients looking to validate buy-backs, identify fraud, and/or determine the accuracy of the appraisal or other valuation product. We provide all the tools necessary to complete the assignment and rely on their judgment and expertise to provide our client with a defensible product.
Buzz: See you at the conference?
Jim: I wouldn’t miss it. It is a great opportunity to listen and speak with the top thought leaders in the valuation industry.