BrokerPriceOpinion.com Creates Inspection Report to Comply with Federal Guidelines
In today’s rapidly changing real estate market where bank-owned REO property inventories are rising, accurate and reliable home valuations are important for mortgage and real estate professionals to make profitable and compliant decisions.
BrokerPriceOpionion.com has created a property inspection report that incorporates detailed home information from an automated valuation model with the verification of the home’s physical condition.
The Professional Property Inspection report was created to meet the new federal interagency appraisal and valuation guidelines that went into effect on April 1, which states that financial institutions are responsible for selecting appraisers and people performing evaluations based on their competence, experience and knowledge of the market and type of property being valued.
“The recently published interagency guidelines require that lenders ascertain a property’s current physical condition when utilizing AVMs,” said Walt Coats, CEO of BrokerPriceOpinion.com. “By supplementing our existing AVMs with external property condition reports and subject photos, as well as the DNA of the subject property, we are assisting lenders in achieving compliance with the new federal requirements while providing local market expertise to the results.”
More than 65,000 licensed real estate brokers and agents at the Westminster, Colo.-based company, along with appraisers, will be conducting the inspection reports. There will also be assistance from quality control analysts to determine the subject property’s location and physical condition, including details of the neighborhood and makeup, resulting in an intelligent determination of the condition of the piece of real estate.
All reports contain full photo documentation of the subject properties.
By using the report, lenders, servicers and asset managers receive time sensitive information to meet the demands of the management and disposition of properties.
A full inspection reports is completed in an average of two business days and will cost more than an AVM, but less than a full BPO.
“Our clients have a better handle on risk with the Professional Property Inspection report,” said Michael Richardson, president of BrokerPriceOpinion.com. “We work diligently every day to find the true value, quality and condition of the assets we review, which yields a very accurate valuation assessment and helps mitigate any opportunities for fraud.”