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Special Reports
AVM/Appraisals/BPOs
FiServ Internal Merger Creates ILS Valuation Services
By Amilda Dymi
ROCKY HILL, CT -- FiServ Integrated Loan Services has created ILS Valuation Services,
an innovative division resulting from the merger of its valuation services with two other FiServ companies: Case
Shiller Weiss of Cambridge, Mass., and Lenders Financial Services of Agoura Hills, Calif.
The additional expertise of CSW and LFS will allow the new VS division to provide
lenders with access to a full menu of integrated valuation services.
"The formation of ILS Valuation Services will ultimately result in seamlessly
integrated, highly flexible and cost-effective valuation solutions for both existing and prospective clients,"
noted ILS president and COO, Lee Howlett. "It will also be a catalyst for our continuing organic growth by
enabling us to better position our growing menu of valuation solutions across multiple market segments."
CSW, which focuses on loan origination and secondary mortgage market operations,
has pioneered home price index product CASA -- an automated valuation model and collateral scoring system used
by rating agencies and mortgage insurance companies.
LFS will add to the service menu broker price opinions, asset management and disposition,
fee appraisals, title services, property inspection and preservation, on-site consultation and automated electronic
data interchange ordering.
Walter Morgan will manage ILS Valuation Services and will report to Mr. Howlett.
Given the combined ability of CSW and LFS to offer various products and customer
support, Mr. Morgan said the new VS will be able to provide products that are flexible enough to serve well the
changing market needs of lenders, servicers and secondary market entities.
"Our business reorganization does two things. It lets us drive integration
into the valuation services vertical. The second thing is that it will allow us to officially distribute valuation
products throughout FiServ's various platforms."
Mr. Morgan believes that in the coming year, the biggest market challenge in achieving
company goals will be in securing "acceptance from investors and GSEs of appraisal alternatives in mortgage
lending."
As to what these goals are, the executive preferred not to quantify or specify,
but stressed however that the company "is poised for significant growth in consumer lending and subprime originations."
Mainly because these markets are favored by the company structure, he said, "We
have sales channels in both those strong products and strong sister positions in those markets," meaning the
other FiServ companies offer services in those markets facilitating market reach through cooperation.
ILS is part of the FiServ lending solutions suite of residential and commercial
loans the company has been providing for the past 60 years.
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