Equi-Trax Asset Solutions LP, a national collateral valuation provider offering a line of hybrid valuation products designed to bridge the gap between broker price opinions (BPOs) and full appraisals, has today that its ValuePlus Enhanced BPO qualifies as an enhanced BPO as defined by Fannie Mae. Fannie Mae has agreed to accept BPOs as an indication of collateral value under certain circumstances relating to its Home Affordable Foreclosure Alternatives (HAFA) program.
“We think that the GSE recognized that demand for hybrid BPO collateral valuation products continued to increase among lenders over the past several months,” said Guy Taylor, chief executive officer of Equi-Trax. “In addition, Fannie Mae recognized that Broker Price Opinions offer good value and they provide a cost-effective method for obtaining an estimate of a property’s value. To be sure, when the work is reconciled by a licensed, certified appraiser the product can be very accurate. In addition, with default servicing active, and origination volumes down, more servicers have ordered valuation products, and they often rely on BPOs during the default process.”
Prior to the downturn, Equi-Trax began to develop the ValuePlus Enhanced BPO and other hybrid valuation products, because the company anticipated that lenders would have an appetite for affordable products that could deliver precise results. For their part, mortgage servicers demand more accuracy while simultaneously facing increased pressure to cut costs.
The ValuePlus Enhanced 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 from three comparable sales 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, development and reporting of any reasons for disagreement, and a final value reconciliation. At least one additional comp is provided to support the analysis.
For more information, visit www.equi-trax.com.