Question: Why Does Your Bank Need Viza-Audit?
Answer: Reduce Risk, Increase Customer Loyalty & Potentially Save Your Customers Thousands of Dollars
BACKGROUND: Banks generally do not require a survey for loans less than their stated policies.
Most bank policies state that a loan can be processed without a survey if the loan amount is below a certain threshold — often $500K - $1,000K.
This policy exists to save their customers money. However, it opens the door for potential issues that result in the banks, and your customers, assuming the risk if the property description is incorrect.
Viza-Audit is a low-cost audit of the property description aimed at Risk Reduction for the bank. A typical Viza-Audit costs around 1/10th the cost of a survey.
Before Viza-Audit: Choose Between High Cost or High Risk
Before Viza-Audit was created, the bank had two choices:
- Obtain a Survey—thereby adding several hundreds or thousands of dollars to their customer's closing costs and so risk losing their business, or
- Do Nothing—and so keep the customer's business by saving them the cost of a survey. For that reason, most banks abandoned the idea of requiring surveys for most property loans below a threshold.
With Viza-Audit: Low Cost & Low Risk
Viza-Audit Legal Description Audit protects banks and their customers by checking the accuracy of an existing survey at a minimal cost to their customers.
Simply put – this innovative process conducts an Audit within 48 hours of the property description by interpreting the text stated in the property description into a drawing that is placed on satellite imagery that shows the bank a relative picture version of the property description.
This allows the bank to make quick decisions regarding the loan – issue, no issue.
Viza-Audit provides a solution to your incorrect legal descriptions.
Vizaline has proven to be an effective risk management tool. Not only is it effective, it's reasonably priced and easy to use. We've seen time after time that Vizaline leverages technology to reveal potential issues that can be corrected prior to originating a loan. We have asked for customized enhancements that have been gladly implemented. It also helps that we receive excellent customer service with prompt responses to inquiries.
John Pitts
Senior VP, BankPlus, Ridgeland, MS
Trusted By These FDIC Insured Institutions
