With the BPO PLUS, each potential comparable in the market is charted and scored using First Valuation’s automated comp scoring algorithm. Separated into three individual sections of Sales, Listings and Pending Sales, pertinent information including proximity, year built, GLA, bed/bath count, days on market and listing or sales date is provided for each potential comparable. A summary section then provides average values for Comp Sales, Comp Listings, Farm Data Sales and Farm Data Listings. This comprehensive view of the local market allows the reviewer and end user to quickly determine if the best comparables were selected and confirm that the BPO provides a well-supported valuation.
“We’ve worked hard to set the standard for quality within the Broker Price Opinion market,” said First Valuation President Michael S. Richardson. “We believe the BPO PLUS with Data Advantage will further strengthen our reputation for quality while providing our clients with the data to further mitigate risk in their valuation process.”
The BPO PLUS will rely on the same process flow and technology that power First Valuation’s standard BPO products. The process starts with First Valuation’s panel of tens of thousands of local market experts who provide precise and well-supported opinions of value using the company’s award-winning V3 technology. Every BPO PLUS must pass an automated completeness and quality control check comprised of more than 650 validation points before it can be submitted by the agent for a quality review. Once received, every BPO+ report is manually reviewed by the company’s Westminster, Colorado-based quality control department to ensure accuracy, quality and consistency in each report.
“Broker Price Opinions continue to be a relied upon valuation method in several segments of the mortgage banking industry. Given the opportunity for our customers to rely on this class of valuations in different areas of their business, we believe it’s more important than ever for users to require quality in these products,” Richardson said.
The company will officially launch the BPO PLUS at the MBA National Secondary Market Conference in New York City from May 6-9. Representatives from First Valuation will be providing sample reports and product demonstrations for the BPO PLUS at the conference. Representing the company at the conference will be: Walt Coats, Chairman/Founder of First Valuation, Michael Richardson, President, Chris McLain, Vice President of Sales and Marketing and Brandon O’Briant, National Sales Executive. They will be available to provide more information and insight on this product and others throughout the conference. Email firstname.lastname@example.org to set up a meeting.