Application for the following lending types: (i) pre-qualification of borrower, (ii) home equity loans, (iii) portfolio loans and portfolio analysis (front and back end), (iv) REO management and loss mitigation, and (v) quality control.
3 Types Of Non-Traditional Valuations
Automated Valuation Model (AVM). More information on AVM products here.
Data Assist
Vector Assisted Appraisal
What Are Automated Valuation Models (AVMs)?
AVMs pull data from real estate databases
Approved by Wall Street investors
Delivered within seconds
Can be upgraded to a traditional appraisal product
AVM report contains subject property data, comparable sales data, and value
There is no charge for AVMs that do not ?hit? (no report returned)
Under the valuation results section, AVM will give you the Indicated Value of the property
The next few pages of the report will give you a breakdown of the Comparable Properties used to determine the Indicated Value (generally there are 8 to 10 comparable sales used / an error message will pop up if you do not get a hit)
AVM Options
ValuePoint4 (VP4) AVM - Contains site verified data from appraisals, licensed data (property physical characteristics) from assorted real estate agent / Realtor Multiple Listing Systems (MLS), historical appraised value at the property level, and the database is updated daily.
What is a data assist, non-traditional valuation report?
A data assist valuation report provides a value conclusion for a subject property when a typical AVM does not provide a hit or does not appear reliable.
Data Assist is for lenders who do not require traditional appraisal products, but due require quick, reliable and a low cost product that provides results which can be used in their loan decision process.
Use of data assist valuation reports can range from home equity loans, loan portfolio review / update for current value, retrospective value review, post closing and pre-closing value opinion, and appraisal panel value review.
Vector Assisted Appraisal
Acceptance - An experienced Everest Land appraiser has control over the valuation, so Vector Assisted Appraisals are USPAP (Uniform Standards Of Professional Appraisal Practice) compliant. Vector Assisted Appraisals are especially useful for loans greater than $250,000.
Valuation performed by local appraiser using three Everest Land AVM’s as well as local knowledge and expertise. The appraiser has the ability to make adjustments to comparables as well as override property characteristics.
Valuation includes an aerial photo of the subject’s neighborhood with subject and comparables flagged.
For information on Traditional Appraisal products, click here.