Property Condition Reports

[mp_row] [mp_span col="7"] [mp_text]

Property Condition Reports (PCRs) help lenders comply with the Interagency Appraisal and Evaluation Guidelines regarding the inspection of a property.

The guidelines state:

“A valuation method should address the property’s actual physical condition and characteristics as well as the economic and market conditions that affect the estimate of the collateral’s market value. It would not be acceptable for an institution to base an evaluation on unsupported assumptions, such as a property is in “average” condition, the zoning will change, or the property is not affected by adverse market conditions. Therefore, an institution should establish criteria for determining the level and extent of research or inspection necessary to ascertain the property’s actual physical condition, and the economic and market factors that should be considered in developing an evaluation. An institution should consider performing an inspection to ascertain the actual physical condition of the property and market factors that affect its market value. When an inspection is not performed, an institution should be able to demonstrate how these property and market factors were determined.” — Section XII Evaluation Development (page 13)

When a property condition report is ordered through Simplified, lenders can rest assured they will receive a professionally done report that will contain the following information:

  • Report on the appearance of the property
  • Address verification
  • Property damage information (if available)
  • Neighborhood attributes (both positive and negative)
  • Local market conditions
  • For sale sign on property
  • Evidence of occupancy
  • Photos of the home
  • Photo of address verification
  • Inspector's name
  • Date of inspection

Using the Simplified platform, lenders can now cost effectively supplement their existing AVMs and Tax Assessed Values with a property physical and neighborhood condition report to not only comply with the Interagency Guidelines, but also to ensure they are making informed decisions on their real estate loans.

[/mp_text] [/mp_span] [mp_span col="1" classes="motopress-space"] [mp_space] [/mp_span] [mp_span col="4"] [mp_wp_widgets_area sidebar="footer-sidebar-4"] [/mp_span] [/mp_row]
  • Purchase and Refinance Solutions

    Purchase and Refinance Solutions

    All of the services needed to close a loan available in one user friendly, safe, and secure environment.

    Read more

  • Home Equity / HELOC Solutions

    Home Equity / HELOC Solutions

    Whether your borrower is around the corner, or across the county, we have a solution geared for your particular loan.

    Read more

  • Portfolio Monitoring Solutions

    Portfolio Monitoring Solutions

    Once a loan has closed and funded, there is still work that needs to be done. Lenders must ensure that…

    Read more

  • Customized Solutions for Lenders

    Customized Solutions for Lenders

    Simplified can customize a solution for every lender’s needs. Within the Simplified platform itself, lenders and loan processors have a variety…

    Read more

  • Small Business/Commercial

    Small Business/Commercial

    Simplified is proud to offer certain commercial lending solutions for loan processors and lenders. Via Simplified's existing vendor relationships, lenders…

    Read more