Real Info, Safeguard offer interagency guideline compliant appraisals
Real estate data and valuation company Real Info Inc. released an updated product offering Wednesday that complies with recently finalized interagency guidelines. The Buffalo, N.Y.-based company, in conjunction with property preservation firm Safeguard Properties, now distributes automated valuation models with a supplemental property condition report that includes photo documentation. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration jointly filed the "Interagency Appraisal and Evaluation Guidelines," with the Federal Register in early December. The Dodd-Frank Act passed last summer cleared a replacement of the Home Valuation Code of Conduct to govern appraisals for both Fannie Mae and Freddie Mac. One aspect of the guidelines calls for an appraisal estimate that takes into consideration the physical condition, use and zoning of the property at the time it is being appraised or evaluated. By supplementing its existing AVMs — i-Val- and realAssessment — with external property condition reports and subject photos, Real Info is assisting lenders in achieving compliance with the new requirements. Safeguard will serve as the third-party property inspector. "By using a condition report in conjunction with an AVM, any potential issues are caught early in the process which makes an accurate valuation much more credible," said Jim Kirchmeyer, founder and chief executive officer of Real Info, adding that processing times are as short as two days. "Our collaboration with Safeguard Properties enables lenders to not only meet, but exceed valuation guidelines." Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.