Groups Issue BPO Standards And Guidelines

Posted by Orb Staff on May 29, 2009 No Comments
Categories : Residential Mortgage

tional Association of BPO Professionals (NABPOP), together with the BPO Standards Board (BSB), has issued [link=][u]BPO Standards and Guidelines[/u][/link] (BPOSG). The BPOSG provide a framework for the preparation of broker price opinions (BPOs) throughout the BPO industry, including suggested practices for the selection and utilization of comparable properties, pricing considerations, the use of photographs, and ethical and competency considerations, the association says. The BPOSG were derived from sources from across the BPO industry, including input and feedback from surveys completed by BPO companies, real estate owned companies, mortgage servicers and BPO practitioners (i.e., sales agents and brokers). "Having standards and guidelines for the preparation and submittal of BPOs is a critical component of increasing transparency to all aspects of the real estate and mortgage market," says BSB board member and NABPOP senior advisor Bill Morrison. "With all parties working from the same assumptions, resale opportunities and the market are enhanced for properties that are properly priced." SOURCE: NABP

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