The RPS Collateral Assessment Review (CAR) is a fully automated, configurable collateral assessment solution for financial institutions, like lenders, servicers and mortgage insurers. It is the most comprehensive, sophisticated, and flexible in the industry and ensures that all appraisal reports are 100% complete, comply with the lender’s terms of reference, and evaluates the quality of the collateral. CAR has proven to be an invaluable tool for underwriting teams creating efficiencies in the process and mitigating risk.
RPS applies a powerful rules engine to assess the underlying collateral used to secure mortgages, based on the appraisal report, to highlight and triage files in which the underlying collateral may be at risk. Over the past decade, we have refined and perfected our rules based on industry best practices and client experience. We have over 350 rules available for clients to select from. You can use our rules ‘out-of-the-box’, your own set or a combination of the two. You can also easily and quickly add, remove or modify the rules and the criticality of each rule, in order to address changes in regulatory requirements, internal policy adjustments as well as evolving market risks and opportunities.
For each appraisal file, a CAR report is generated that provides a quick summary of the rules results, key appraisal and deal details, as well as information on the rules failed. This allows your staff to be aware of potential collateral risks, automatically triages files with possible collateral risk for staff review, and delivers meaningful information to your review staff, to enable them to make better and more educated decisions when handling files with possible collateral risk. It also empowers your staff and executives with information for better supported and more informed discussions with consumers, regulators and other internal stakeholders.