REALcondition Report Helps Lenders Comply with New Guidelines

A new exterior property value analysis tool called REALcondition Report from ""PLATINUMdata"":http://www.PlatData.com Solutions, a California-based provider of appraisal review and collateral valuation technologies, is designed to assist lenders in complying with the new ""Interagency Appraisal and Evaluation Guidelines"":http://dsnews.comarticles/federal-reserve-and-other-agencies-release-new-appraisal-guidelines-2010-12-02.

According to the guidelines released in December, collateral valuations must address the subject property's[IMAGE] [COLUMN_BREAK]

condition for originated loans of $250,000 or less. Loans that meet the ""$250,000 or less"" criterion include home equity loans and home equity lines of credit.

While automated valuation models (AVMs) on their own do not address property condition - since that requires an actual visit to the physical property - REALcondition Report is based on an in-person exterior assessment.

""Lenders are understandably very concerned about compliance, and the new Interagency Appraisal and Evaluation Guidelines are exacerbating that concern,"" said Arturo Garcia, COO of PLATINUMdata Solutions. ""Our goal in offering the REALcondition Report is to not only provide a way to stay compliant with this aspect of the guidelines but also make compliance and quality as fast, economical, and easily accessible as possible.""

The report identifies vacancy, ""for sale"" or ""for rent"" signs, safety or habitability matters, and other external issues that can affect a property's condition. It also includes verification of the property address and a photo document of the property and can be added to any of the company's 19 automated valuation models.