Verification and Validation Services
The proliferation of REO listings has created unique challenges concerning the oversight that lenders have of the agents that serve as their community ambassadors. New listing agents are added daily to the lenders’ vendor panel, and the process of selling REO properties is becoming more complex and competitive. Independent verification and validation of adherence to lenders’ policies and procedures is vital. Scorecards and analytical metrics evaluate only past performance and do not provide the insight needed to fully evaluate the listing agent’s effectiveness and service level. Lenders need solutions that fully evaluate compliance and performance.
REO Verification and Validation Services - A Compliance Connections agent will complete a comprehensive inquiry on real estate listings, request a showing, and tour the properties with the listing agents. A detailed property report and marketing evaluation will be completed, which focuses on the critical elements attributed to recovering the highest value possible. The validation report will include the following:
- A comprehensive property condition inspection to determine if the property is in market-ready condition and meets neighborhood standards. The report will provide recommendations on ways to improve marketability through changes to property conditions.
- An evaluation of the listing agents, which focuses on four critical attributes:
- Level of property knowledge - how familiar is the listing agent with the functions and features of the property? How well does he or she understand the local market?
- Responsiveness, customer service and professionalism - how quickly does the listing agent respond to after-hours calls, requests for showings, website inquiries and requests for information? Is the agent an ambassador for the seller?
- Seller Loyalty - does the listing agent represent the seller’s interests or is he or she recommending other properties to the buyer?
- Agent capacity - how many listings does the agent currently support?
- Verification of Signage - is signage present at the property, and is the signage informative?
- Verification of listings in MLS
- Is the MLS information accurate; does it contain the correct list price and property attributes; and does it offer submission instructions? Does the listing include attractive photos and virtual tours?
- Is the property being professionally marketed? Does the marketing description give the feel of a “distressed or foreclosed” property? Does the description generate interest in prospective buyers?
- Does the listing contain proper disclosures for such defects as mold, lead-based paint, environmental condition or property damage?
- An evaluation of the current marketing plan
- Is the property priced correctly based on our secondary opinion of value?
- Is the property receiving wide market exposure through additional media channels beyond MLS such as the listing agent’s website, print media, syndication, or other forms of advertisement?