Kirchmeyer & Associates, a national appraisal, database and real estate appraisal consulting company and Valligent, a provider of collateral valuation and risk management solutions have announced the release of ParcelView, a collateral valuation product for appraising vacant residential land across the country. The partnership between Kirchmeyer & Associates, Real Info and Valligent has enabled the companies to combine their valuation intelligence providing a single valuation resource for lenders, loan servicers, mortgage insurers and secondary market participants.
As one of a variety of valuation products offered through the partnership, ParcelView was brought to market to contribute to a range of services that valuate residential parcels of land, which would replace or enhance a lender’s valuation tools for residential land collateral assessment. ParcelView is the first product of its kind to provide the most accurate valuation and analysis on vast areas of land versus a traditional land appraisal or broker price opinion (BPO), providing lenders with the most accurate data and resource information they require for residential lot assessments.
ParcelView can save lenders up to 50 percent compared to traditional land appraisals. Lender interest has been focused on improving upon current “non-traditional” valuation products, and ParcelView offers lenders and servicers a replacement or enhancement to their existing collateral valuation options. ParcelView reports are produced by experienced and certified/licensed residential appraisers and inspections are completed by trained local analysts. Appraisers verify zoning, determine availability of utilities, and provide a preliminary evaluation of the feasibility of residential construction and marketability. Appraisers also pool resources from the technology platform to evaluate complex factors such as zoning, utilities, lot characteristics, utilizing often very limited comparable data. Comparable data is researched and displayed along with concise narrative support for the value conclusion.
“Now more than ever, vacant land valuation has become a significant priority in the stagnant real estate markets that exists throughout much of the country as lenders evaluate their portfolios,” said Jeremy McCarty, Valligent chief executive officer and chief valuation strategist. “As a trusted technology solutions provider, we place the utmost importance on accuracy, cost savings and confidence in each transaction. There is no other product on the market that can offer the proven and tested resources we have developed together with Kirchmeyer & Associates and Real Info.”
End users have access to a wealth of solutions that are compliant with the Home Valuation Code of Conduct (HVCC), Uniform Standards of Professional Appraisal Practice (USPAP), FHA guidelines, Fannie Mae’s electronic appraisal delivery standards and other industry guidelines and standards.
“Kirchmeyer & Associates and Valligent are dedicated to the commitment of providing the most up-to-date, accurate and efficient valuation technology tools to the mortgage industry,” said Jim Kirchmeyer, founder and chief executive officer of Kirchmeyer & Associates. “Our partnership with Valligent solidifies our commitment to the industry as we continue to create cost saving strategies to fit each client’s needs at each stage of the loan life cycle. Together, we are the total valuation solution.”
Other product features include:
►Photos of the subject property from the street, plus any external influences (positive or negative);
►Limited scope contact with the local municipality to address subject property zoning, zoning of comparables, limited exploration of allowed uses, attempt to determine any limitations to single-family residential development, availability of utilities;
►Grid analysis of a minimum of three comparables;
►Additional one-line comparable data added as available;
►Analysis of market factors, including single-family price data, foreclosure rates, and market trends;
►Analysis of risk factors which may impact value conclusions and warrant additional exploration;
►Inclusion and analysis of any prior sales or listing data and highly reliable and logically derived value conclusion.
For more information, visit www.valligent.com or www.kirchmeyer.com.