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
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
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.
Yvonne von Jena Director, Product Development & Marketing Centract Settlement
Services (416) 386-4339 email@example.com
SOURCE: CENTRACT Settlement Services
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-0- Jan/07/2013 13:00 GMT
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