CoreLogic has announced a suite of valuation products for mortgage servicers that integrates the power of CoreLogic proprietary data and analytics into traditional property valuations. The enhanced suite offers the freedom to choose the right product that can be used to effectively triage a valuation based on a specifically tuned analytic review. Servicers can identify valuations that require additional scrutiny with increased speed and efficiently adjust internal resources to identify discrepancies in property values that could otherwise reduce quality and increase costs. Through the use of CoreLogic data and patented analytical algorithms designed to enhance the degree of quality and accuracy of valuation results, the suite enables exception-based processing that can address a full range of specific servicing, valuation, due diligence and risk mitigation tasks.
“We understand the many challenges facing servicers today. They’re trying to reconcile values, understand if appropriate comparables were used and determine if there is fraud risk in a valuation,” said David Williams, vice president for CoreLogic. “By integrating the unparalleled data assets of CoreLogic, each product in our valuation suite offers a greater level of clarity and certainty when addressing specific servicing lifecycle tasks, whether related to budget, regulation, risk or quality requirements. No one else offers the level of efficiency or convenience in one place that CoreLogic does through this valuation suite.”
Included in the valuation suite is the new Data Validated Appraisal which incorporates the LoanSafe Appraisal Manager automated review process. This automated review process detects appraisal quality levels and provides visibility into over- or under-valuation risk. County assessor data, listing data and CoreLogic-patented valuation rules and analytics are all incorporated to establish a new level of defensibility.
Additional products in the valuation suite for servicers include:
►Residential Evaluation Report (RER): A report that integrates both automated and judgment-based estimates of market value. This evaluation contains up to six individual indications of price/value, including an appraiser’s estimate of market value, four statistical indications (two AVMs and two Indicated Value Approaches (IVA) and two judgment-based perspectives (BPO and restricted-use appraisal). The RER specifically benefits lenders and servicers by offering a reduction in valuation costs while helping to meet or exceed inter-agency guidance (IAG) requirements.
►Data Validated Broker Price Opinion: A price opinion that helps banks, servicers and GSEs determine “current potential selling price” of properties in circumstances where the mortgagor defaults. The Data Validated Broker Price Opinion provides an auditable objective scoring process to confirm that the best local broker was selected based on training, audits and scoring of prior orders. It also assures the client that the BPO uses recent market and property-specific data to confirm the quality of data integrity, comparable relativity and price accuracy.
►Data Assist: n unbiased, automated statistical value conclusion enhanced by a real estate valuation expert selecting the most appropriate comparables, and delivered within 24 hours. The product provides a cost-effective solution for servicers requiring high-volume portfolio valuation, early loss mitigation decisions and second lienholder equity analysis.
►Value Reconciliation Report (VRR): A concise reconciliation of disparate values and relevant information based on data analysis by an appraiser or trained real estate analyst provided within 48 hours. This report enables servicers to determine list price based on two valuations and provides repurchase or buy back defense values.
►Onsite: A physical inspection evaluation by trained field services professionals, enabling servicers to make correct decisions based on trained “eyes on the property,” in addition to the market data that has been previously captured. This will particularly benefit servicers who need a more formal valuation product with cost-efficiency and an expedited turnaround.
►Onsite Plus: A physical inspection evaluation mirroring Onsite with the evaluation conducted by a licensed real estate professional. This service specifically provides assurance to servicers requiring a licensed real estate professional to review a property’s condition from a marketing and transactional perspective.
►Automated Valuation Models (AVMs): A property valuation that combines scientific modeling and CoreLogic data to deliver highly accurate estimates of value in real time and at low cost. By constantly updating databases to ensure only the newest and most applicable data is included, CoreLogic AVMs help determine activity levels in particular real estate market segments or neighborhoods and help servicers acquire accurate statistical valuation perspectives for the subject properties relative to their locations.
“Multiple independent reconciled perspectives offer greater clarity, accuracy and credibility through which our servicing customers can make sound decisions,” said Williams. “By integrating the scope and accuracy of CoreLogic property information, along with our patented processes and panel management expertise, we are able to deliver more precise, tailored results that better enable servicers to take the right action on a property quickly.”