Data-Validated Valuations

The mortgage crisis has moved servicing from the back office to center stage. But what hasn’t changed are the core valuation products that servicers order… Until now.

All of our default appraisals and BPOs come pre-reviewed and pre-validated using two advanced data and analytics assets — LoanSafe Appraisal Manager™ and CoreQuality. This saves servicers time, steps and cost and enables faster, “exception-based” processing of valuations used in modifications, short sales and liquidation decisions. And, at the same time, provides additional, more objective insight that can be used to defend their decisions, if questions arise.

Our valuation offerings are now “scored” for accuracy, the appropriateness of comp selection and the potential for variance, providing greater levels of confidence for senior-level executives and line managers.

To give servicers more options in selecting valuation options, our Data Validated Valuation suite includes:

  • Data-Validated Appraisals
  • Data-Validated Broker Price Opinions (BPOs)
  • The Residential Evaluation Report (RER)
  • Onsite, Onsite Plus & Automated Valuation Models (AVMs)

Data-validated valuations to enhance confidence and workflow—that’s CoreLogic.

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Data-Validated Appraisals | Data-Validated BPOs | Residential Evaluation Report | Onsite, Onsite Plus & AVMs 

 

Data-Validated Appraisals

CoreLogic® Data Validated Appraisals are validated using the CoreLogic LoanSafe Appraisal Manager™, which provides an overall risk score that identifies appraisals with the highest risk of repurchase by rank ordering the risk of over-valuation, early payment default, foreclosure and appraisal non-compliance. The analytic model evaluates relevant predictive risk factors, including:

  • Appraisal Integrity – analyzes the appraisal for completeness, compliance, consistency, and comparables selection
  • Valuation Risk – considers the likelihood of over- and under-valuation, as well as the subject property conformity to the surrounding neighborhood
  • Loss Risk – examines the risk of default and foreclosure due to volatile neighborhood factors or misrepresentation risk

This risk score enables lenders and servicers to objectively prioritize the riskiest appraisals on an exception basis and allocate their review resources to those appraisals. The ability to accurately and instantly identify the riskiest appraisals that require review saves both time and money. Moreover, organizations can tailor the risk score threshold to match their review resource capacity.

For more information on LoanSafe Appraisal Manager, click here.

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Data Validated Broker Price Opinions (BPOs)

Our nationwide network of more than 12,000 brokers and agents deliver high-quality broker price opinions (BPOs) that fill a critical gap for our mortgage lending and servicing customers. CoreLogic® BPOs offer the on-site review critical to verifying property information and assessing condition, while providing a faster, more affordable alternative to full appraisals. Because we’re a leading provider of AVMs, full appraisals and a number of hybrid valuation services, we understand the role BPOs play in the valuation lineup.

To ensure our BPOs provide objective, unbiased valuations; a sophisticated, proprietary value reconciliation and quality monitoring system is deployed that incorporates:

  • Data validation at initial data entry 
  • Comparables relativity scoring with BPO Check
  • Market velocity analysis
  • Value accuracy review

In addition, we take important steps to give you the coverage, timeliness, scalability, affordability, and unwavering quality standards you require:

  • Ensuring nationwide coverage by recruiting, screening, training, managing, supporting and providing quality control of a nationwide panel that includes thousands of licensed real estate professionals.
  • Employing an automated order queue system that directs orders to the right resources the first time, ensuring accurate vendor order assignment. Our automated order tracking, monitoring, delivery and acceptance technologies enable us to receive and place orders in minutes so that we can provide fast turnaround times of five days for standard and three days for rush orders.
  • Maintaining flexible, scalable, proven capacity to process large volumes with consistent success. Our proactive panel and client geographic trend analyses identify areas to increase coverage to meet forecasted volumes.
  • Pricing our services competitively, with negotiated and tiered pricing available. We also offer multiple order receipt and delivery options to save time and data exchange costs
  • Reviewing each BPO for accuracy before releasing it to our clients. Conducting monthly tests of value accuracy to disposition sales price. During these tests, we compare our BPO values to public sales price records or other client-specified benchmarks.

For more information on our BPOs, click here.

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The Residential Evaluation Report (RER)

The CoreLogic Residential Evaluation Report features multiple perspectives within a single solution. It offers greater accuracy and insight by using the following value indicators:

  • Broker Price Opinion (BPO)—A licensed real estate broker (or agent) with specialized neighborhood experience provides a professional market price opinion based on an onsite property inspection, summary, photos, maps and CoreLogic’s extensive scoring tools
  • GeoAVM Core™—Statistical data delivered from the nation’s leading AVM defines market and neighborhood values using an AVM Cascade comprised of: PASS®, ValuePoint®4, PowerBase®6 and HPA
  • GeoAVM Distressed™—A distressed market hypothesis establishes the market floor which clarifies the threshold of investment risk
  • Alternative Comparable Indicated Value Approach (IVA)—An analytic tool that provides additional “potential” comparable sales with appropriate value adjustments, it fills in the gaps by rendering a comprehensive analysis of market value
  • BPO IVA—A proprietary model unique to CoreLogic, the BPO IVA applies tested algorithms against the broker’s comparables and listings to verify the BPO findings and price adjustments
  • Independent Certified Appraisal—A desktop review by a certified residential appraiser within the subject property’s state assesses the other indicators and provides a market value opinion

The end result is a report that fills in the information gaps that stand-alone tools leave open.

For more information on our Residential Evaluation Report, click here.

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Onsite, Onsite Plus & Automated Valuation Models (AVMs)

OnSite and OnSite Plus, which offer physical inspections by trained field services inspectors (OnSite) or licensed real estate professionals (OnSite Plus), are property condition reports used in conjunction with AVMs to help institutions meet the requirements set forth in the Interagency Appraisal and Evaluation Guidelines issued in December 2010.

OnSite and OnSite Plus factor the condition of the property in relation to other properties in the neighborhood; positive and negative external factors observed adjacent or within the immediate neighborhood; photos and comment fields for as-needed explanations, and local market assessments based on our leading property and listing databases. The resulting property condition report provides an overall condition rating based on a patent-pending approach designed to increase consistency and align the condition report with assumptions made by AVMs.  To ensure the highest quality, OnSite and OnSite Plus include a post-inspection quality assurance process.

For more information on OnSite and OnSite Plus, click here.

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Product Information Request

Call us at (866) 308-4713 to find out what our Collateral Solutions can do for you or fill out the form below to have an associate contact you. A complete form allows us to respond quickly and appropriately. Information will be used only in responding to your inquiry.

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