Real Info Inc., a national technology provider of real estate data and automated valuation models (AVMs), has announced that it is offering AVMs with property condition reports designed to meet new regulatory appraisal and evaluation guidelines. Real Info has contracted with Cleveland, Ohio–based, Safeguard Properties, one of the nation’s largest privately held mortgage field services companies, as their provider for third-party condition inspection reporting with full photo documentation.
The recently published interagency guidelines recommend that lenders should consider obtaining verification of a property’s current physical condition when utilizing AVMs. By supplementing its existing AVMs with external property condition reports and subject photos, Real Info is assisting lenders in achieving compliance with the new requirements and ensuring accurate results. The process is seamless and provides the end user the opportunity to request a condition report as a stand alone product to accompany any AVM, including Real Info’s i-Val and realAssessment reports.
Property condition reports are conducted by a qualified real estate professional to determine subject location and condition, which include photos along with an AVM. The offering includes tier-based pricing based upon expected turnaround times, giving the user affordable and time sensitive options to meet the demands of their current workload in as fast as two days.
“Safeguard and Real Info share common goals to help improve and stabilize the mortgage industry,” said Alan Jaffa, chief executive officer of Safeguard Properties. “With property condition reports, we are able to meet industry guidelines and improve the quality of property data for lenders.”
“Our collaboration with Safeguard Properties enables lenders to not only meet, but exceed valuation guidelines in as little as two days,” said Jim Kirchmeyer, founder and chief executive officer of Real Info. “By using a condition report in conjunction with an AVM, any potential issues are caught early in the process which makes an accurate valuation much more credible. By working with the leading provider of inspections, Safeguard understands the importance of up-to-date information so that users can properly verify the physical condition of a property quickly and efficiently.”
Real-Info provides three proprietary AVM's: i-Val, realAssessment and Q-Val, which utilize the knowledge database through rules-based, expert system models to arrive at a predicted market value for a particular residential property. The company's licensing partnerships with nationally recognized AVM developers provide an extensive menu of valuation products for clients.
For more information, visit www.real-info.com.
