San Diego-based DataQuick, a provider of real estate information solutions, is helping lenders adjust to a recently implemented Equal Credit Opportunity Act (ECOA) regulation that limits mortgage professionals' use of automated valuation models (AVMs).
DataQuick notes that on Jan. 18, the Consumer Financial Protection Bureau's final rule on the ECOA amendment under Regulation B took effect. The regulation requires creditors to provide applicants with free copies of appraisals, AVM reports and all other written property valuations developed in connection with an application for credit.
According to DataQuick, the company's online property intelligence portal, PropertyFinder 2G, allows lenders to research and validate sales comparables and identify alternative comps if required, without creating a valuation for the subject property.
‘PropertyFinder 2G is customized to produce all of the valuable comparable sales data and analysis lenders need to accurately assess the property without an actual valuation figure that must be sent to the credit applicant,’ comments John Walsh, president of DataQuick.