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PLATINUMdata Launches Property Value Analysis Offering

Mar 28, 2011

PLATINUMdata Solutions, a provider of comprehensive appraisal review and collateral valuation technologies, has launched REALcondition Report, a comprehensive exterior property value analysis based on a physical site visit to the subject property. Released on Dec. 2, 2010, the new Interagency Appraisal and Evaluation Guidelines state that collateral valuations must also address the subject property’s condition for originated loans of $250,000 or less. For the past several years, many lenders have relied on automated valuation models (AVMs)—which on their own do not address property condition—to value this segment of loans. These loans include home equity loans, which are a growing segment in the market. REALcondition Report is based on an in-person exterior assessment of the property. The report identifies factors that can affect the property’s condition, including vacancy, “for sale” or “for rent” signs, safety or habitability matters, and other external influences. REALcondition Report also includes verification of the property address and a photo document of the property, and can be added to any of the company’s 19 objective AVMs. “Lenders are understandably very concerned about compliance, and the new Interagency Appraisal and Evaluation Guidelines are exacerbating that concern,” said Arturo Garcia, chief operating officer of PLATINUMdata Solutions. “Our goal in offering the REALcondition Report is to not only provide a way to stay compliant with this aspect of the guidelines, but also make compliance and quality as fast, economical, and easily accessible as possible. Our clients rely on PLATINUMdata to provide the tools that protect them and reduce their risk. The REALcondition Report further extends our umbrella of protection.”
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