Introducing OnSite™
In December 2010, Federal Guidelines went into effect that require regulated financial institutions to ascertain the physical condition of a property and the economic or local market conditions when an automated valuation model (AVM) is used for lending purposes.
OnSite from CoreLogic® is a new property condition report coupled with local market conditions and patent-pending features that are specifically designed to help institutions meet the requirements set forth in these Guidelines.
OnSite delivers:
- Exterior physical inspection of the subject property
- Photos of the property (front view, side view, street view, and address verification)
- Overall condition rating – objectively based on a patent-pending algorithm using the physical inspection results
- External factors observed, positive and negative, adjacent to the subject property or within the immediate neighborhood
- Subject property detail including land use and zoning
- Local market conditions
- Built-in quality assurance process
Quick and Easy Order Fulfillment
OnSite is available as a standalone report or as part of your AVM rules management. OnSite is available across CoreLogic platforms, and supports rule-based logic to automatically trigger from the AVM result to request OnSite, including pre-screens for: property type, condo-hotels, confidence score sufficiency, value deviations, collateral risk, and natural disaster areas.
Summary
With OnSite, CoreLogic clients can now cost-effectively supplement existing AVM solutions with the physical condition and characteristics of the subject property and the economic or local market conditions surrounding the property needed to help comply with Guidelines. OnSite provides an objective property-condition assessment based on a physical inspection conducted by trained field services inspectors and a patent-pending valuation algorithm--both supported by the most comprehensive data in the industry.
