New Valuation Tool Targets REOs

Posted by Orb Staff on February 09, 2010 No Comments
Categories : Mortgage Servicing

Equity National, a Providence, R.I.-based title and settlement services company, has introduced PACEplus, a new valuation tool for real estate owned properties.

PACEplus combines macro-market data analysis with human review and field data collection to produce a value. Jim Dammerich, head of the company's collateral valuation division, notes that broker price opinions (BPOs) have traditionally been the standard tool used for distressed-asset valuations. PACEplus, he says, is less subjective than a BPO because it utilizes a deeper pool of public and private data in its valuation conclusion.

"In addition, we overcome the habitual shortcomings of an automated valuation model by using a combination of expert analysis and field inspection, including a questionnaire about the neighborhood of the asset," Dammerich adds.

SOURCE: Equity National

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