This is the third in a series of four articles from RPR. Read the first, second, and third articles.

As RPR expands its national coverage, and opens access to its high-value tools and features for all REALTORS® later this year, the goal is not only to enhance and support the REALTOR®'s value to the consumer, but to deliver RPR analytics to the mortgage market to meet the long term needs of critical participants "upstream" of the REALTOR®.

Analytics are the key

The valuation analytics created by RPR provide a unique understanding and synthesis of property data from numerous, disparate sources. This is used to provide RPR's REALTOR Valuation Model® (RVM®) to the mortgage investor backed by data that is:

Comprehensive

• National database of assessor, recorder, mortgage, NOD/foreclosure, MLS, geospatial, demographic and other content
• Single record for each parcel in the U.S.
• Fully-authorized source of market data for collateral analysis through the RVM product

Fresh

• Data is reconciled across all data sources RPR uses and updated as often as every 15 minutes to keep pace with changing markets

Relevant

• Considers condition and marketability in addition to property price information, supporting REALTOR® appraisers, improved BPOs and an inspection-supported RVM.

The analytics used to power the RVM also help the REALTOR® provide the support that the mortgage investor needs to understand house price trends at many market levels, from local (micro) to national (macro).

The challenge is how to increase tools for agents, brokers, and appraisers in cooperation with lenders and mortgage investors to provide accurate property valuations – while meeting required "arms-length" independence from those compensated based on home price/mortgage size.

This goal can be accomplished through the following steps:

• Close the gap between the point-of-sale (the REALTOR®) and the investor by using a common set of market analysis tools throughout the real estate/mortgage value chain
• Utilize what REALTORS® do best – know their local markets – then corroborate with data to improve selection of comparable properties and to analyze local market trends
• Successfully market and close short sales with consumers and mortgage holders by shortening timelines and reducing risk of fall out – providing local market input to successfully utilize auctions where needed
• Leverage REALTORS® to provide accurate BPOs backed by data and measurable over time, to streamline mortgage transactions where applicable (refinances, mortgage quality control processes, short sales, and REO.)
• Provide market analytics to entities in the real estate/ mortgage process (including regulators) through current, relevant reporting at both the national/regional macro and local micro market levels to support the effectiveness of policies and to better analyze and identify market trends
• Continue to improve industry data quality as the participants become more and more dependent on data and analytical capabilities

The REALTOR®'s use of RPR's capabilities and the mortgage industry's access to RPR's REALTOR Valuation Model® (RVM®) are important components of rebuilding a foundation of trust into the housing process. By improving data quality, access and usage, and creating stronger collaborations based on what each party in the process does best, it is possible to arrive at a common understanding that can be utilized throughout the real estate transaction.

RPR will be working with the mortgage industry in an effort to get wider adoption of RPR's analytical capabilities. This means working with lenders and mortgage investors in both origination and servicing, as well as meeting with mortgage industry regulators to understand their needs for better valuation information.

To view the original article, visit the RPR blog.