First American Valuation and Property Solutions, a member of The First American Corporation family of companies, has announced a new valuation service, the Appraiser-Validated Price Opinion.
Appraiser-Validated Price Opinions, the company says, are expert opinions that provide a second level of review for broker price opinion (BPO) users, without the need to build in-house review functions. While this is not an appraisal, a licensed appraiser confirms the specific set of values determined by a local Realtor by looking at comparable sales and verifying accuracy. If discrepancies are found, the appraiser provides a new set of values, complete with an explanation of how they were determined.
Available as a complete outsourced option or as a supplement to in-house review teams, Appraiser-Validated Price Opinions help clients identify high-risk BPOs, the company says.
“This year servicers and investors will order millions of BPOs as they work through loss mitigation scenarios and attempt to value portfolios and distressed assets,” says Joni Pierce, division senior vice president for First American Valuation and Property Solutions. “With this level of activity, it is even more important to verify accuracy while increasing throughput and reducing processing costs.”
Appraiser-Validated Price Opinions are available as exterior-only or exterior and interior reports. Reports can be made available to the customer in seven to 10 days.