Industry News

New product automates real estate valuation process

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Fidelity National Financial Inc. has released a new product that was developed to assist real estate brokers in conducting home-price evaluations for bank-owned foreclosure properties, also known as "real estate owned" properties or REOs. The product automates the broker price opinion (BPO) process that is used to determine a rough value of the property and allows brokers to enter data online through a Fidelity Web site. Broker price opinions are professional valuations but are not formal appraisals. "Prior to automating the process, lenders were only able to view four data fields, requiring them to request a mailed or scanned copy of the printed report in order to obtain additional information," the company announced today. "With the new online format, lenders may now view more than 600 data fields, in addition to receiving detailed information reports. The expanded BPO data fields feature also provides brokers with more space to enter ancillary information that may be helpful to ...