Did you know that PRCs can also be used to verify the property
condition in the wake of natural disasters like tornados or hurricanes?
During the origination process, surprises occur, and it is critical to
know if the collateral is in good standing with a cost-effective, boots on
the ground review.
Equifax offers Property Condition Report (PCR)
to lenders who need to evaluate the exterior condition of properties
currently in warehouse or in the pipeline. Fannie Mae, Freddie Mac, and
others require lenders to put a funding hold on loans that reside in
areas affected by natural disasters until a condition assessment has
This can always be accomplished through an appraisal, but properties that were appraised prior to the natural disaster need to be reassessed prior to the loan being approved. PCR offers a cost-effective means for lenders to assess property condition and may be fulfilled in as little as 24 hours.
Streamline your collateral valuation process while reducing costs
Equifax offers Automated Valuation Models (AVMs) that provide a fast, cost-effective service valuation lenders need when underwriting HELOCS or engaging in other collateral valuation-related activities. Our industry-leading AVMs specifically align geographies with the best performing models.
In order to facilitate compliance and interagency guidelines through verification of property condition, we are offering a specially priced package that also includes our Property Condition ReportTM (PCR). This powerful combination is an approved alternative to traditional approaches to valuation (such as appraisals and broker price options) by lenders nationwide.
The Equifax AVM/PCR package helps lenders:
- Adhere to the regulatory compliant process – ample evidence leveraging independent third-party testing
- Reduce costs with an accurate alternative to expensive appraisals
- Faster processing times to close loans
- Increase hit rate and accuracy by accessing the best performing AVM through a cascade process flow
- Mitigate valuation risk – specifically, over-valuation
- Streamline efficiencies by leveraging a single fulfillment platform