Our nationwide network of more than 12,000 brokers and agents deliver high-quality Broker Price Opinions (BPO) that fill a critical gap for our mortgage lending and servicing customers. CoreLogic® broker price opinions (BPO) 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 BPO play in the valuation lineup. We also know how to ensure they deliver the level of unbiased accuracy, speed and reliability you need to use BPO services with complete confidence.
When delivered with the objectivity, quality verification and controls in place, broker price opinions offer important benefits:
- Ability to meet high-volume valuation needs quickly and affordably
- Valuation accuracy for greater confidence in decision making
- Appropriate disposition sales prices that eliminate missed opportunity losses
Well-Considered, Carefully Designed BPO
We understand and appreciate lenders and servicers’ valuation requirements. So that you always receive maximum benefits from our services, we designed our BPO program to address common concerns. To ensure we provide objective, unbiased valuations, we employ a sophisticated, proprietary value reconciliation and quality monitoring system that incorporates:
- Data validation at initial data entry
- Comparables relativity scoring – CoreLogic CompScore™
- 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. Our quality and process control steps include:
Coverage: 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
Timeliness: 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
Scalability: 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.
Affordability: 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
Quality: 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
Best-in-Class Broker Panel Management
High-quality valuations start with best-in-class vendor panel management. At CoreLogic, we maintain uncompromising standards and broker panel management by including comprehensive vendor scorecard systems to continuously, objectively evaluate, score and reward quality performance. In addition, we:
- Benchmark broker performance against an absolute national score and a comparative peer score in localized geographic areas.
- Train panel members using our education curriculum, computer-based training (CBT) courses, and completion tracking to enhance performance and ensure compliance
- Perform annual audits of all panel members' licensure and credentials
Our goal is to provide the level of service and quality that instills confidence in the lenders and servicers that use our BPO services.
Resulting Benefits of CoreLogic BPO services
The many process and quality controls we maintain add up to a BPO services program that delivers significant benefits:
- Accurate, affordable valuations
- Quick turnaround times (TATs)
- Reduced days on market and holding costs of distressed assets
- Low vendor management costs and resource consumption
- Reduced compliance risk and costs
We understand that you must see measurable value for your valuation dollar. At CoreLogic, you can be confident that your organization is receiving outstanding service, accuracy and timely results for every dollar of valuation spend.
