Valuation services provider and advisory firm PCV Murcor, Pomona, Calif., released at the Mortgage Bankers Association’s annual convention what it described as a Rental Broker Price Opinion with some new twists.
In addition to marketing the new product to institutional investors looking to buy real estate owned portfolios on a bulk basis, the company is marketing it to mortgage bankers that are making decisions about what to pool into a portfolio and sell to investors.
The rental BPO comes with an automated rent estimate. A reconciled broker opinion of the ARE also is available.
COO Tim Scherf told this publication the reconciliation product provides value when it comes to REO properties in rural/less-populated areas where data may be relatively spare and may or may not be as accurate as in more populated areas.
Jeff Del Rey, the company’s director of strategic partnerships, said in an interview that the new product includes a map of listings of sales and rentals, and photos to back up the data in the BPO. He said clients receive the information as a data feed into their system or in PDF form.