CoreLogic® Property Value Estimate Assistance for Consumers
CoreLogic has thousands of clients who use an automated methodology for property value estimations to support mortgage lending and other activities associated with real estate transactions. Mortgage lending activities which utilize property value estimates include loan underwriting and origination, appraisal quality control, and account management. Property value estimates provide a guideline for lenders to use in determining the probable value of a property. Property value estimates calculate value based solely on property characteristics and local real estate market data. A property value estimate is not an appraisal prepared by a certified or licensed appraiser, nor is it intended to replace an appraisal.
As a result of a new mortgage loan application or other activity associated with an existing mortgage loan, you may receive a copy of a report with a property value estimate labeled ‘Valuation Risk Value’. This information is provided to your lender to aid them in processing a mortgage loan. A recent change in regulation stipulates that certain reports be provided to consumers to help them better understand the information used by the lender during the property valuation process for the property connected to a loan.
Should you have additional questions about the Property Value Estimate or other outcomes you have received when applying for a mortgage, please contact the bank or lender directly. CoreLogic is unable to provide information about how the Property Value Estimate was used by a mortgage lender in conjunction with a mortgage application.
You can also click here for more information provided by the CFPB.