Repurchase Defense

Welcome to Triserv's Repurchase Defense division.

The residential mortgage industry is facing a significant threat that has the potential to drive many industry participants totally out of business. Loose underwriting standards developed and practiced by the mortgage industry between 2000 and 2006 coupled with home values appreciating at unsustainable rates during this time frame have created an unprecedented level of delinquent and foreclosed loans. Investors who own these loans feel they have a legal right to demand repurchase from originating lenders of mortgage loans that are no longer performing. Repurchase demand has risen significantly over the last few years. Many lenders are finding their very existence to be at risk because of the substantial amounts of loans with repurchase demands.

Triserv Appraisal Management Solutions understands the balance sheet risk associated with repurchase requests due to appraisal related issues on previously originated mortgage loans. We also realize that having the necessary experts required to address this risk is expensive, and the skill set needed to successfully defend and pursue these non-revenue generating business responsibilities are complex. Triserv is here to assist you in minimizing your balance sheet risk, headcount, training, and system costs by providing appraisal repurchase products in a professional, timely and cost-effective manner.

We offer full service appraisal repurchase products that facilitate the industry's risk management needs. Whether you need to defend a buyback request or pursue a party to the mortgage loan for reimbursement of a loss, we have the experience, quality products and talent you need in order to effectively keep your balance sheet healthy. We have a repurchase team with extensive experience in appraising, appraisal management, capital markets, underwriting, quality control, purchase agreement analysis, and investor negotiation. This focused team is ready to help you today. Listed below are the repurchase products Triserv offers:

Retrospective Forensic Desk Review - Defense: This product is a retrospective analysis of an investor’s demand letter when an investor is enforcing repurchase provisions and the client is defending the repurchase request. Each citation from the investor’s repurchase demand letter is addressed within this report which includes analysis of the original appraisal, the investor’s review appraisal, and any other data provided by the investor. Supplemental information obtained by Triserv is obtained when warranted to support the decision to “agree” or “disagree” with the investor.

Retrospective Forensic Desk Review - Pursuit: This product is a retrospective analysis of the original appraisal used to originate a mortgage loan where the client desires to prove there were material misrepresentations contained in the original appraisal. The report will include whether or not material misrepresentations were discovered in the original appraisal. If material misrepresentations are found, the report will include citations that the client can utilize to enforce repurchase provisions and or make a claim against an Errors and Omissions Policy. Empirical data will be provided to support the citations and it is recommended that a Fnma 2000 retrospective field review is obtained to further support the citations.

Enhanced Retrospective Field Review: This product is an enhanced retrospective field review completed on the Fannie Mae 2000 form. The report will contain fact based and empirical evidence in order to prove the original appraisal was materially acceptable or materially non-compliant with USPAP and the underwriting standards the mortgage loan was originated to. CMA, MLS, public records, and home price indices are provided when needed to enhance the report. The enhancement of the retrospective field review is customized based on the client’s requirements.

Enhanced Retrospective Appraisal: This product is a retrospective appraisal completed on Fannie Mae form 2055. This report is typically an exterior only inspection and is used by the industry when an independent opinion of value is needed as of the effective date of the original appraisal. These reports are extremely helpful for loans originated with an AVM or a streamline refinance program. CMA, MLS, public records, and home price indices are provided when needed to enhance the report. The enhancement of the retrospective appraisal is customized based on the client’s requirements.