Why is FCT in the valuations space?
Sep 28th, 2018 | By FCT
The answer is simple: we recognized a gap in the industry that we are uniquely positioned to help fix.
As the only Office of the Superintendent of Financial Institutions (OSFI) regulated company offering valuation insurance in the real estate space today, we offer indemnity to appraisers and reduce lenders’ risk. We started out with an instant valuation product supported by our proprietary property valuation indemnity insurance, but we knew we needed to innovate further to better serve our lenders.
In over 25 years of business, we’ve built strong relationships in the industry and have earned our reputation as a trusted partner. We’ve always been the first to work directly with our customers to solve their problems and tailor solutions to their needs.
We understand that lenders have common pain points—they want faster turnaround times and better quality products at a fair price. We’ve also heard concerns about the lack of appraisers in the industry since more appraisers are entering the commercial sector instead of residential.
To get faster valuations, lenders have to move away from full appraisals. However, with existing products like drive-bys or desktop appraisals, appraisers have to include a caveat to protect themselves in case the third party information they rely on is inaccurate.
To address these issues for both lenders and appraisers, today we have a cascading model of valuation products that are based on property attributes and potential risk. We also wrap it with insurance that indemnifies the appraiser and protects the lender. We leverage trusted data sources, highly trained field technicians and experienced photo takers to help appraisers do more valuations in a day and stay in the industry longer.
By giving appraisers these resources, we’re able to provide faster, reliable and cost-effective valuations to lenders, ultimately providing their customers with an improved overall experience.