other, leaving a void in the middle where the house was located. Tere was an outstanding balance of $130,000 that included fees FNMA required to repurchase of the loan. Te title insurance company stood behind its policy because it was short form and insured against a survey. Te title company agreed to clear the title so the bank could foreclose on the property. Te seller had passed away, and the title company had to clear the title with the heirs. Tis took two years to complete. During that time, the home was vandalized and partially burned. Te bank collected $40,000 from the insurance company for the fire damage. In the end, the bank sold the property for $8,000 at foreclosure, losing $82,000. Tere could have been a solution to this case.
In the first two case studies, the banks were clients of Vizaline, which found these mistakes for the customers and the banks. Vizaline staff also showed them the mistakes and how to correct them without the need of a survey. Te attorneys made the corrections, and the customers appreciated that the banks were able to correct the mistakes.
For the third case study, Vizaline was not in business at that time. If Vizaline had been in business and its services were used by the bank, the mistake would have been found at closing and FNMA would not have had the bank buy the loan back — saving the bank $82,000. Tis case prompted the creation of Vizaline and its flagship product, Viza-Audit.
Since its establishment, Vizaline has saved banks and their customers between $11 million and $21 million in expenses and/or losses stemming from potential loan losses, legal fees, survey costs and time — which equals money.
into pictures using satellite images to help determine if a legal property description is correct. The Viza-Audit visualization tool provides a rapid and inexpensive report to help lenders better understand their assets and protect portfolios and customers. To learn more, contact Vizaline CEO Brent Melton at 601-405-1802 or
brent@vizaline.com. Visit
vizaline.com for additional information. Vizaline is an MBA endorsed partner.
Viza-Audit
Viza-Audit By Vizaline Brent Melton, CEO 601-405-1802
brent@vizaline.com
Viza-Audit is the best technology we have seen or used in years. We use it on all metes and bounds legal descriptions of new and renewed loans in our bank. We have found many mistakes with legal descriptions that would have cost our bank and our customer a great deal of money, had it not been for Viza-Audit. We do not lend without it.
We recommend any bank to at least try it and see for yourself how good it really is for banking. I don’t know why a bank would not use it. Shane Clayton, President First Choice Bank, Pontotoc, Mississippi
SERVING MORE THAN 50 BANKS IN EIGHT STATES
THE MISSOURI BANKER 19
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