ROSEVILLE, Calif. – Valligent, a provider of property valuation and risk management solutions, on Tuesday released a new valuation suite it said was aimed at “breaking the mortgage industry's dependence on broker price opinions, and restoring trust to the real estate market.”
According to the company, the new product suite, named DRiVE (Desktop Risk and Valuation Engine), is a more cost-effective and verifiable solution than broker price opinions (BPOs), which are illegal for valuation in 23 states and based solely on the opinion of real estate agents, not licensed valuation experts. Recognizing the need for an affordable alternative to BPOs, as well as a more universal option than the automated valuation model (AVM), Valligent developed DriVE by combining the local expertise of real estate analysts with the national valuation and lending experience of senior certified review appraisers.
“Over the past several years, our industry has witnessed a huge degradation in the quality of property valuations," said Jeremy McCarty, CEO and chief valuation strategist of Valligent. "Five million BPOs are performed every year, and while they are very inexpensive, a growing addiction to these inferior valuation products has contributed to the crisis of confidence we're seeing in our industry today.”
