Responding to the dynamic regulatory landscape and changing real estate lending market, we’ve expanded our partnership with Clear Capital® to offer an evaluation that delivers a value on a residential property, while adhering to all Interagency Guideline specifications as well as federal and state regulations.
Available through Collateral360®, the residential evaluation is an alternative solution when the cost of a full appraisal exceeds your budget on lower risk transactions.
The report was designed to result in a value conclusion, instead of a price conclusion. The evaluation receives rigorous human and automated quality assurance review, and Legal and Compliance Team ensures report integrity by adhering to the latest federal and state legislation. IAG-requirements included in the data- and image-rich residential evaluation include:
- Current and projected use
- Inspection date
- Market conditions
- Data source for list and sale history
- Data source for comparables
- A broker e-signature
Zoning and data sources are just two features that make the residential evaluation fully compliant with IAG Guidelines and state regulations.
WHAT IT'S USED FOR
The residential evaluation delivers an option that’s backed by quality proprietary data, experienced broker network, and high degree of quality control. Because the report delivers a value rather than a price, you have more flexibility in how you can use the residential evaluation, such as:
- For loan amounts of less than $400,000*
- Loan modifications
- Banks’ regulatory requirements
- Internal company policies requiring values