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™.
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:
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:
RER and RER Express are provided via a data feed or hard copy PDF depending on client preference. Typical turnaround is five business days.
Residential Evaluation Report (RER) Sales Sheet
RER Express Report Sample
No Compliance Guarantee
(reprinted from Mortgage Technology)
A New Due-Diligence Dilemma
(from the July 2012 issue of Secondary Marketing Executive)
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:
RER Express™ is an abridged version of RER. Commonly used as a HELOC valuation solution, this version features three perspectives, including:
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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