Equi-Trax Asset Solutions LP, a national collateral valuation provider offering a line of hybrid valuation products delivered under a meticulous quality control process to bridge the gap between Broker Price Opinions (BPOs) and full appraisals, announced that an analysis of the company's recent sales data indicates that demand among the nation's top lenders for hybrid BPO collateral valuation products has increased over the last two quarters.
“We see two trends driving this change in lender demand,” said Guy Taylor, chief executive officer of Equi-Trax. “First, Broker Price Opinions are the most affordable method of getting an estimate of a property's value and when evaluated by a licensed, certified appraiser the product can be very accurate. Second, with origination volume still relatively low and default servicing active, we're seeing more servicers ordering valuation products and these companies often use BPOs during the default process.”
Equi-Trax, which offers the ValuePlus BPO, began developing hybrid valuation products before the downturn because company executives expected lenders to seek out affordable valuation options that could deliver more accurate results. Mortgage servicers, in particular, are demanding more accuracy at the same time they are increasingly pressured to cut costs. Products like the ValuePlus BPO combine an industry leading Broker Price Opinion product with real-time reconciliation provided by a licensed, certified appraiser, to provide servicers with the benefit of two experts for the price of one.
The ValuePlus BPO offers property photos of the side yard, back yard, back of house, all rooms, any damage as well as an area map, MLS photos and data for three sales comps and three listing comps, CMA and a reconciliation by a certified appraiser with additional data points. Also included is an opinion as to the appropriateness of the valuation methods and techniques used, and for developing and reporting any reasons for disagreement as well as a final valuation estimate. At least one additional comp is provided to support the analysis.
For more information, visit www.equi-trax.com.