Not all loans require the same type of property valuations. Some require a simple AVM and Property Condition Report, while others may require a Home Equity Appraisal, or something in between. In today's lending environment, lenders need an arsenal of options at their disposal to meet different underwriting guidelines. For lenders that require more than what an AVM and PCR can deliver, Simplified offers Property Data Evaluation Solutions.
Regarding Property Evaluations, the guidelines state in Section XIII:
An evaluation should contain sufficient information detailing the analysis, assumptions, and conclusions to support the credit decision. An evaluation’s content should be documented in the credit file or reproducible.
Our Property Data Evaluations are a comprehensive, documented, audited, and appraisal-based property evaluation that meets and exceeds all guideline requirements. The audits are performed by skilled analysts who are accomplished in accounting, quantitative, statistical, real estate and appraisal proficiency. A detailed property condition report is performed by an experienced real estate professional and is submitted to the analyst to validate that the eyewitness account is considered in the overall investigation.
These reports deploy an advanced methodology that quantifies land, structure, and price environment, all under logical, sound appraisal practices that, when considered collectively, render objective and balanced conclusions lenders can comfortably use to make lending decisions. These reports are available with an exterior only report, as well as an exterior/interior report.