CoreLogic has announced the introduction of OnSite Plus, a property condition report that provides an overall condition rating constructed on a patent-pending algorithm and based on an inspection by a licensed real estate professional. Like the existing OnSite report, OnSite Plus incorporates local market conditions into a single property condition report that includes a professional physical inspection and quality control (QC) process to help ensure an accurate report. OnSite Plus is designed to be used with an automated valuation model (AVM) report to generate an evaluation consistent with the Interagency Appraisal and Evaluation Guidelines issued in December 2010.
“We have had over 50 top lenders and servicers adopt and now rely on OnSite from CoreLogic to create an evaluation that supports decision making on home equity loans, refinancings and loan modifications,” said Susan Allen, vice president of strategic relations at CoreLogic. “While our customers tell us they save millions of dollars by using OnSite-based evaluations, performed by credentialed inspectors, some expressed a preference for inspections performed by licensed real-estate professionals. We listened and responded with OnSite Plus, which leverages all the preferred features of OnSite with the added benefit of inspections performed by licensed real-estate professionals.”
OnSite Plus evaluates the condition of the property relative to other properties in the neighborhood and includes positive and negative external factors observed adjacent to or within the immediate neighborhood, as well as photos and comment fields for as-needed explanations, and contains local market assessments based on CoreLogic property and listing databases. The report provides an overall condition rating based on a patent-pending method designed to increase consistency of results and align the condition report with assumptions made by automated valuation models. To ensure the highest quality standards, OnSite Plus includes a post-inspection quality assurance process. OnSite Plus can be bundled with CoreLogic industry-leading AVMs, AVM cascades, or ordered on a standalone basis.