November 13, 2008 - First American Equity Loan Services is now reselling First American CoreLogic's ValuePoint4 (VP4) Default AVM. VP4 Default is a specialized AVM that has been specifically “trained” to value REO properties. When applied to REO properties, traditional AVMs will significantly overvalue properties and will not be as accurate as VP4 Default.
By contrast, VP4 Default uses specific discount factors based upon the recent REO sales in close proximity to the subject property. Subsequently, these discount factors are adjusted up or down based upon local neighborhood conditions and dynamics. Unlike a traditional AVM, VP4 Default provides an estimated disposition value, and an estimated disposition value
range.
If you are a home equity lender that has REO properties, you'll be interested in this AVM as a potential subtitute or first option prior to obtaining a value through either a BPO or a drive-by appraisal. It's also ideal for portfolio scrubs.
VP4 Default can be ordered via www.elsonline.net. For more information, please contact your ELS sales rep.
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