With the help of BPO Check from CoreLogic®, lenders and servicers can now boost BPO review efficiency while making more accurate, concise valuation decisions. BPO Check is a comprehensive report designed to simplify BPO assessment by providing clarity into which BPOs need additional review and those which need no further validation. With BPO Check, reviewers no longer have to “stare and compare” to determine the accuracy of a BPO value or verify the precision of the data. The result is a reduction in time and resources needed to perform BPO reviews.
Gain Transparency Into Valuation and Market Risk
Whether too high or too low, incorrect valuations are costly. Utilizing market-leading valuation analytics from CoreLogic, the BPO Check report provides instant valuation guidance for reviewers to quickly assess the risk of property over or under-valuation. What’s more – the individual risk gauges help to easily identify the potential for mortgage default or foreclosure, fraud and also the complexity of the property valuation.
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BPO Check evaluates the key predictive risk factors individually, providing alerts to areas of the BPO that may require a more in-depth review. These alerts include:
- Comparable Selection – compares the BPO data to MLS* and public record data. Also evaluates comparable adjustments for influence on valuation
- Property Complexity – indicates the ease of which a value can be determined based on neighborhood factors and data availability
- Market Risk – Risk of default and foreclosure based on subject property and surrounding market
- Misrepresentation Risk – Identifies issued related to the chain of title, property flipping, fraud and more
Quickly Determine BPO Quality and Identify Risk Factors
- Pinpoint high risk BPOs and highlight key areas that need additional review
- Assess the potential for over or under-valuation and easily find the risk level of a BPO
- Validate subject and comparable property details with MLS* and Public Record data
- Use embedded MLS photos to gain additional insight into the subject property & comparables
- Perform due diligence on BPOs for loans being serviced for government-sponsored enterprises, or GSEs
- Obtain an analysis of overall market factors at the ZIP code level with the Market Conditions Report
BPO Check offers a thorough and comprehensive analysis of all components of a Broker Price Opinion (BPO). From the overall valuation Risk Score to validating the Broker provided property and market data – BPO Check gives you the concise information you need to work through and evaluate the valuation, collateral and market risk on every BPO.
BPO Risk Score
Whether too high or too low, incorrect valuations are costly. Use the BPO Risk Score to streamline the review process and quickly assess which BPOs need extra review and those that may need no additional research. The two-tailed risk spectrum provides you with an indication of the risk associated with both undervaluation and overvaluation.
Individual Risk Components
Individual risk evaluations provide insight into specific areas of BPO quality. Utilize these separate risk measures to appropriately channel the BPO through the review process. BPO Check evaluates the key predictive risk factors, including comparable selections, complexity in valuing the property, foreclosure and market risk factors as well as risk of fraud.
Configurable alerts identify specific quality issues to help make reviews more efficient, thorough and consistent. Tailored specifically to your review process, the alerts provide recommended actions and direct reviewers to the specific areas of the BPO that require attention.
Comparable Selection Analysis
Reviewing and validating comparable selection is an important – and time consuming - portion of BPO review. The Comparable Analysis section makes quick work of comparable analysis by validating comparable data against MLS and public record data and provides alternate comparable recommendations when necessary. MLS photos give added insight into subject and comparable properties.
BPO Data Validation
True to its name, the Data Validation section automatically verifies the subject property and comparable data against national public record and MLS databases. No need to access multiple data sources to verify accuracy or completeness. Discrepancies and the coinciding data sources are clearly identified for quick validation.
Understand the market factors that affect BPO value – down to the ZIP Code level. The Market Conditions section of BPO Check calculates inventory information, Listing Analysis, Market Trends for the past 90 days, Sales & Price Trends, Foreclosure Activity and more.
Why CoreLogic Is the Right Choice
CoreLogic is the largest provider in the U.S. of real estate, property ownership, fraud, mortgage and mortgage securities data—and the advanced analytics that use them.
The market-specific data from CoreLogic covers:
- 99 percent of U.S. residential properties
- Over 700 million historical transaction records and data spanning over 40 years
- Over 90 million mortgage applications
CoreLogic leverages this data, analytics and experience to deliver the solutions that help our clients achieve their business goals. We are ready to help you achieve your business goals.
BPO Check Resources
BPO Check – Streamline the BPO Review Process and Easily Determine Valuation RiskDownload