""PCV Murcor"":http://www.pcvmurcor.com is unveiling its newest valuation tool to mortgage industry professionals this week at the Mortgage Bankers Association's 99th Annual Convention in Chicago.[IMAGE]
It's called Rental Broker Price Opinion (BPO)--a tiered offering that includes a BPO, automated rent estimate (ARE), and an optional reconciled broker opinion of the ARE. It also includes rent comparables and sales listing data mapped from the subject neighborhood.
""Investors need a portfolio due diligence tool that will assist them in making a Ã¢â‚¬Ëœbuy/no buy' decision on a bulk purchase of REO assets,"" said Keith Murray, CEO of PCV Murcor.
According to Murray, there are two critical pieces of data required for informed investment decisions. The first is the value of the property and the second is an estimate of the potential rental income, he says. ""Our Rental BPO would provide both of these required numbers in one easy-to-understand report,"" Murray said.[COLUMN_BREAK]
A key feature of PCV's Rental BPO is that it includes more than just sales listings, rental estimates, and market trending data. It also adds verified property condition information and local sales and rental market knowledge from a licensed broker.
PCV says these value-adds make Rental BPO a more effective tool than alternative products such as automated valuation models (AVMs) and property inspection packages, neither of which incorporate a local broker's familiarity and insight. Such differences, the company says, are particularly valuable for rural properties where the coverage of AVMs may not be as reliable or consistent.
""This new evaluation can now provide, in a single report, a decisioning tool for lenders, servicers, and GSEs as they evaluate the pros and cons of executing bulk REO rental sales versus disposition strategies,"" said Tim Scherf, PCV's COO. ""Our Rental BPO also helps servicers weigh the option of hiring a property management company to rent the property until the market value justifies the disposition.""
PCV Murcor, based in Pomona, California, has been providing collateral valuations to national, regional, and local lenders and servicers, as well as government agencies, insurance companies, and other financial institutions for more than 30 years. The company was founded to meet a growing need for experienced real estate appraisal solutions and consultation services in the mortgage space.
Additional details on PCV's Rental BPO solution can be obtained from the company's booth (#713) at MBA's Annual Convention through Wednesday, October 24.