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 is proud to introduce Residential Evaluation Report.
Multiple Perspectives
Residential Evaluation Report 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:
- Broker Price Opinion (BPO)
- GeoAVM Core™
- GeoAVM Distressed™
- Alternative Comparable Indicated Value Approach (IVA)
- BPO IVA
The end result is a report that fills in the information gaps that stand-alone tools leave open. With a comprehensive overview comprised of diverse indicators, Residential Evaluation Report provides lenders and servicers with the following benefits:
- Is a Restricted-Use Appraisal as defined by the USPAP
- Designed to assist 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
Trust and Affordability
As a USPAP compliant Restricted-Use Appraisal, Residential Evaluation Report is a cost effective alternative to 2055 or 1004 appraisals. This makes it a logical choice for many lending and servicing 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
- Capital Markets where multiple AVMs, BPOs, and Appraisals are often used to price mortgage pools
At a price point considerably lower than a traditional appraisal, CoreLogic’s Residential Evaluation Report helps address compliance and cost issues in a single solution.
