Property analytics firm Lender Processing Services (LPS) and rental data provider RentRange joined forces to offer rental property income data to mortgage servicers and investors to make informed decisions related to distressed housing assets.
“With many servicers contemplating rental programs for their acquired assets, LPS will now provide RentRange reports to clients seeking accurate rent estimates for these REO properties and to investors and others wanting established values for properties based on their rental income potential,” LPS said in a statement.
RentRange provides rental market information to servicers considering REO-to-rental programs and to investors who value properties based on rent potential. The company's reports ordered through LPS will incorporate property characteristics data from LPS' nationwide property database.
LPS Applied Analytics will provide RentRange's solution to mortgage servicers looking to make sell or hold-and-rent decisions on REO assets or to calculate reliable rent estimates for their REO properties, LPS said. Investors, asset managers, REITs or hedge fund managers seeking to value properties or a portfolio of loans based on rental income potential can also use RentRange.
RentRange estimates the monthly rental income a residential property is expected to yield using neighborhood comparables and provides confidence scores and other market data — such as vacancy rates, market saturation and relative market strength — down to the ZIP code level.