The next generation of Centract's automated Collateral Assessment Review (CAR 2.0) solution is launched.
TORONTO, Jan. 7, 2013 /CNW/ - Centract Settlement Services (Centract), today officially announced the launch of CAR 2.0 which provides enhanced risk mitigation, quality, efficiencies and flexibility to mortgage lenders and insurers.
The CAR product assesses the collateral supporting a mortgage by reviewing the appraisal - including notes and comments made by an appraiser on an appraisal report - to flag any issues that a lender or insurer should be aware of. This assists lenders and insurers in enforcing their own underwriting standards and ensuring compliance with regulatory requirements. The previous rule set of 250 has been increased to almost 300, making it the most sophisticated in the world and the industry best practice.
The tools interact in real time with the appraiser's desktop software resulting in the automated review of the collateral being done at source, delivering improved accuracy and significantly reducing the back and forth communications between the user and appraiser. The result is that the submission is right the first time, and therefore also providing improved end-customer satisfaction.
As well, lenders and insurers now have further flexibility in adding, removing and modifying the CAR rules, adjusting them easily and quickly to address internal policy adjustments and external market changes.
Jeff Bradford, President and CEO of Bradford Technologies, partner of Centract and leading industry expert in the United States said, "Centract's CAR 2.0 brings more sophisticated capabilities than anyone in the world. It brings the software to a level that no one else has, even in the United States which is one of the most advanced in terms of such technologies."
Phil West, President of Centract stated, "Centract is committed to making its collateral assessment tool the most sophisticated in the industry. We continue to invest in and partner with our clients to bring ongoing innovation and superior solutions to the marketplace."
For more information on CAR 2.0, please visit www.centract.com/car.
Centract Settlement Services, an indirect subsidiary of Brookfield Asset Management Inc., is the largest Canadian provider of outsourced appraisal management and mortgage-related services to financial institutions, real estate businesses, and consumers. The company's expertise in network management and real estate valuation (managing a network of more than 1200 appraisers across Canada), together with its innovative technologies and services, has established Centract as the industry thought leader and trusted source for real estate valuation, intelligence, and market analysis. For more information, please visit www.centract.com.
SOURCE: CENTRACT Settlement Services
For further information:
Yvonne von Jena
Director, Product Development & Marketing
Centract Settlement Services