2007_Subprime_Shorting-Home-Equity-Mezzanine-Tranches-1
2007_Subprime_Shorting-Home-Equity-Mezzanine-Tranches-1
2007_Subprime_Shorting-Home-Equity-Mezzanine-Tranches-1
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Footnote Exhibits - Page 0987<br />
Strictly private & confidential<br />
Appraisal process: the V in LTV<br />
CL<br />
U Most used form of appraisals<br />
- Full appraisal (1004 appraisal)<br />
- Drive-by appraisal (2055 appraisal)<br />
- Broker price opinion (BPO)<br />
- Automated valuation model (AVM)<br />
" Appraisers are paid on the case load, not value of the property<br />
* Most of appraisers' business come from lenders<br />
" Many lenders also employ in-house appraisers to control the quality of appraisals<br />
* Even for purchase loans, an appraisal is needed to mitigate the risk of fraud<br />
I<br />
Deutsche Bank<br />
All numbers shown in this presentation are indicative and are based on a sample portfolio. Actual numbers will be<br />
different and will depend on the actual portfolios selected.<br />
63<br />
00<br />
00
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