October 02 2012
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®.
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:
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:
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.