Residential Evaluation Report (RER™)

Compare today’s current market conditions to those in recent years, and you will see a changed lending landscape. Escalating federal regulations and stringent interagency guidelines have altered how a property’s market value can be estimated. In many cases, stand-alone tools like Broker Price Opinions (BPO) and Automated Value Models (AVM) must be augmented with a broader set of market indicators in order to be used in connection with collateral valuation. This leaves lenders with a dilemma:  Where to find a credible and cost-effective alternative to the traditional appraisal? CoreLogic answers this question with RER™ and RER Express™.

Multiple Perspectives

RER delivers a comprehensive viewpoint that is unavailable in any other valuation tool. It combines five different market value indicators plus a certified restricted-use residential appraisal into one product. The abridged version, RER Express, features three different market value indicators. Instead of utilizing a BPO to describe the condition of the subject, RER Express utilizes an OnSite Plus report.

Both reports report fill in the information gaps that stand-alone tools leave open. With a comprehensive overview comprised of diverse indicators, RER and RER Express provide our clients with the following benefits:

  • Restricted-Use Appraisal as defined by the USPAP
  • Assists lenders and servicers in meeting their compliance burdens under the December, 2010 Interagency Appraisal and Evaluation Guidelines.
  • Provides big picture market evaluation using five individual and independent market indicators plus a certified residential appraiser’s market value assessment 
  • Delivers a credible and cost-effective alternative to traditional appraisals
  • Decreases review time and increases staff productivity
  • Supplies rapid turnaround, typically five business days

Compliance diligence.  Cost-effectiveness.  Peace-of-mind.  

As a USPAP compliant Restricted-Use Appraisal, RER is a cost effective alternative to 2055 or 1004 appraisals. This makes it a logical choice for many decisions including:

  • Non-purchase loan originations such as refinances, 2nd mortgages and HELOCs
  • Foreclosures, REO sales, short sales and loan modifications
  • Non-BPO states where interpretation of state laws and/or regulations obligates lenders to use more expensive valuation products
  • Pricing mortgage pools

RER and RER Express are provided via a data feed or hard copy PDF depending on client preference. Typical turnaround is five business days.

Features

Although some industry solutions provide a combination of market value indicators, none equal the comprehensive diversity displayed in RER from CoreLogic. Featuring multiple perspectives within a single solution, it offers greater accuracy and insight:

  1. 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 extensive scoring tools
  2. GeoAVM CoreTMStatistical data defines market and neighborhood values using an AVM Cascade comprised of: PASS®, ValuePoint®4, PowerBase®6 and HPA
  3. GeoAVM DistressedTM—A distressed market hypothesis establishes the market floor which clarifies the threshold of investment risk
  4. 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
  5. 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
  6. 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

RER Express™ is an abridged version of RER.  Commonly used as a HELOC valuation solution, this version  features three perspectives, including:

  1. 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.
  2. GeoAVM Distressed™—A distressed market hypothesis establishes the market floor, which clarifies the threshold of investment risk.
  3. 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.

Instead of utilizing a BPO to describe the condition of the subject, RER Express utilizes an OnSite Plus report and only assumes the interior condition of the subject property based on an exterior view from the street by a licensed real estate professional.

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