BPO Check from CoreLogic Efficiently Verifies Data and Identifies Valuation Risk
October 16, 2012, Irvine, Calif. –
—New Product Reduces Servicer Costs and Valuation Risk Through Transparent Validation of BPO Content—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today introduced BPO Check, a new product specifically designed to reduce the cost of broker price opinion (BPO) reviews, improve BPO accuracy, and manage short sale fraud.
BPO Check uses patented CoreLogic automated valuation model (AVM) technology, as well as the CoreLogic property information database, MLS listings, other data proprietary to CoreLogic and market risk analytics to create a single score that identifies high-risk BPOs.
BPO Check evaluates each predictive factor independently and then produces a single score and alerts that identify potential issues. The product provides detailed data including county records, MLS photos and maps that allow plotting of user-selected comparables, system-identified comparables and broker-selected comparables. This comprehensive data comparison gives reviewers the information they need, all in one place, to establish confidence that the BPO is accurate.
“BPO Check is an unbiased, model-based approach which provides confidence in a property’s value in a cost-effective and timely manner and brings increased transparency to valuations,” said Jacqueline Doty, vice president of collateral strategy at CoreLogic. “With distressed properties constituting a large percent of the market, achieving consistent and accurate property valuations is vital to mitigating losses and protecting institutions from fraud. By leveraging BPO Check, servicers, lenders and BPO companies can now work together to ensure that risk is minimized and the value estimate is accurate.”
BPO Check works with any BPO from any provider and can be produced real-time or retrospectively. High-risk BPOs are quickly identified enabling servicers and lenders to rectify those valuations. Low-risk BPOs can be accepted with confidence because independent data sources corroborate the content. Servicers optimize reviewers’ time by selecting the score cutoffs and alerts that are most relevant.
“BPO Check streamlines the process of determining price accuracy and risk by eliminating the need to gather and compare multiple reports from multiple sources,” said David Williams, vice president of BPO services for CoreLogic. “Leveraging MLS data, market conditions data and public record data that cover 99 percent of residential properties, BPO Check provides a complete evaluation of a property’s value. BPO Check meets the highest industry standards, which include the quality control processes that CoreLogic has established as one of the largest national BPO providers.”
For more information, visit http://www.corelogic.com/bpocheck or call 1-866-774-3282.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Irvine, Calif., has approximately 5,000 employees globally. For more information, visit www.corelogic.com.
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