California-based ""Clear Capital"":http://www.clearcapital.com, a provider of data and solutions for real estate asset valuation and risk assessment for large financial services companies, has released its new Property Condition Inspection (PCI) tool.
[IMAGE] The new product provides a property's physical condition and characteristics, supplementing automated valuation models (AVMs) in accordance with new requirements from the ""Interagency Appraisal and Evaluation Guidelines"":http://www.ots.treas.gov/_files/490054.pdf (IAG) issued by federal regulators.
""Regulations are made to support healthy lending and credit decisions,"" said Kevin Marshall, president of Clear Capital. ""No one, however, starts a business and only focuses on the regulations.""[COLUMN_BREAK]
Marshall continued, ""While the new interagency guidelines are important, our clients' goals are to continue making the right decisions on the right loans, not just order products to satisfy guidelines. The Clear Capital PCI allows them to do that and be compliant with the new guidelines at the same time.""
Licensed real estate brokers or agents complete all PCI reports, Clear Capital explained in a statement.
Each report includes property photos, a subject property map, a succinct agent/broker narrative of the property and neighborhood, recommended repairs as determined by inspection, as well as value risk flags. The flags highlight relative risk factors, such as neighborhood condition and recommended repairs, which could influence a property's value.
The reports also include an accompanying AVM.
""There is a lot of change in the industry and in the use of the AVM,"" Marshall said. ""Our goal is to provide more reliable, proven products while supporting the growth of our clients.""
Marshall says the new Clear Capital PCI and its risk flags, coupled with the company's service levels, all work together to enable that growth for Clear Capital's client base.