The valuation is an appraiser-reviewed, regulatory-compliant alternative to traditional commercial appraisals that can save servicers and lenders an average of 60 percent or more on each asset they value.
For annual due diligence of an average commercial portfolio, the savings can be significant. As an example, the expense reduction for a portfolio review of 300 loans can easily reach nearly a million dollars annually. The cost savings afforded by the BOV during a time of increased regulatory scrutiny is truly unique.
This is a fact not lost on PCV President and CEO, Keith Murray.
“One of the many pressing challenges facing commercial lenders and servicers is obtaining credible valuations for annual portfolio due diligence.” Murray states, “Over the past few years, Broker Price Opinions became popular as a low cost alternative to full appraisals. In our analysis, many in the industry have found too many of these reports to be content-deficient and the resulting values deemed inaccurate. Our Commercial BOV provides lenders and servicers with a credible, defensible report at a reasonable fee and delivers it within client and investor-required time frames.
The PCV Commercial BOV includes:
• A quality assurance review process that includes a review of each assignment prior to shipment by a certified commercial appraiser.
• Every commercial broker is vetted by PCV prior to assignment to confirm the brokers’ demonstrated competence and to meet the requirements of each assignment.
• Proprietary, customizable forms to help ensure compliance and meet client expectations.
• Streamlined, online ordering and monitoring for every BOV with customizable, appraiser-developed business rules
PCV Murcor has simplified the traditional process of ordering and receiving commercial evaluations by allowing commercial servicers and lenders to use a web-based system at their convenience. The rest of the work is completed by PCV. This gives clients the ability monitor the real-time status of orders online, increasing the level of communication and improving the client experience.
“We designed our service to increase the speed of ordering and return of commercial valuations while minimizing data entry error,” said Murray. “This process allows our clients to focus on other operational issues and reduces the stress level in terms of the due diligence process for each asset. Doing so enables them to meet their regulatory requirements at lower cost and with a minimal amount of direct involvement.”
More information is available at http://www.pcvmurcor.com/
About PCV Murcor
Pomona, Calif.-based PCV Murcor was founded in 1981 to meet the growing need for experienced real estate appraisal solutions and consultation services in the mortgage industry. For over 30 years, the company has provided expert collateral valuations for a multitude of clients including national, regional, and local lenders and servicers, financial institutions, government agencies, and insurance companies. For more information, visit the company’s website, www.pcvmurcor.com.