a la mode inc. has announced Real Property Insight has chosen the Mercury Network Vendor Management Platform (VMP) to manage the valuation portion of their new product, the Real Property Insight (RPI) Report. The report gives asset managers, banks, mortgage insurers, investment funds, and their front line staff the information they need to extract maximum return through the best disposition strategy for a particular property.
The RPI report consists of a certified home inspector’s assessment, a renovation expert’s executable repair bid, and a licensed appraiser’s Pricing, Income and Market Analysis report. The result is a much more transparent and comprehensive evaluation than the current limited options, such as broker price opinions (BPOs) and other variations, on the market today.
“Many financial institutions are struggling by using information tools they’ve always had, dating back to when foreclosures were rare and home prices were always appreciating,” said Kim Thompson, president of Real Property Insight. “With the flood of distressed assets in their portfolios now, they’re set to lose at least $70 billion more than they should by relying primarily upon BPOs and other incomplete, obsolete reports. Our RPI Report informs the full range of disposition options—from modification, short sale, and trustee sale to REO sale or lease—by asking the right local experts the right questions.”
The RPI report is available for order through Mercury Network, already used by a lengthy roster of the nation’s largest lenders and appraisal management companies (AMCs). Appraiser participation will also be far more widespread than alternatives since the appraiser’s Pricing, Income and Market Analysis form is available through WinTOTAL, a la mode’s appraisal form filling software that is used by more than half the nation’s real estate appraisers.
“We’re thrilled that RPI has chosen Mercury Network as their platform to manage the valuation aspects of this landmark product,” said Jennifer Miller, executive vice president of products for the a la mode Mortgage Solutions Division. “RPI’s thorough understanding of the real and urgent needs of today’s asset owners and managers makes them a critical provider of REO services. Our Mercury Network clients will be armed with the information to save billions, and we’re proud to help make that a reality.”