Guaranteed AVMS
Reduced Risk with the Speed and Value of an AVM
Imagine getting a property valuation within
seconds and having that valuation guaranteed
against any lender loss; at half the cost of a
traditional, non-guaranteed appraisal!
DataClick™ introduces its exclusive warranted
AVM service on all its AVM offerings, at the click
of a button.
STANDARD AVM WARRANTY GUIDELINES
• Specific to loan transactions secured by First,
Second or Equity Liens on residential real
estate
• Maximum Loan Amount: $1,000,000
• Minimum Borrower's Credit Score: 580/620
• Loan to Value Limits - 100%
• Maximum Warranted Loss Amount:
$100,000 per valuation
• Eligible Claims: 5% variance (ie: AVM value
must be more than 5% of retro-appraisal
value)
• Warranty pays the lesser of:
-- AVM error up to $100,000 per valuation
-- Actual loss sustained, including reasonable
expenses
-- Original loan amount
• Coverage Period: 7 years, transferable (life of
loan also available)
• No annual aggregate limit or deductible on
coverage
• Claim Process: Submit retro-appraisal within
60 days of loss
*These are standard parameters. Customizable
programs are available to meet underwriting
needs.
ENSURE PROPERTY VALUE, SAVE MONEY
The inclusion of a warranty backed by an Errors & Omissions insurance policy provides
additional assurance to the property value to
compliment the speed and economy of the AVM.
EXAMPLE OF CLAIM:
Loan Amount $180,000
Distressed Value $150,000
Loss $ 30,000
Original AVM Value $200,000
Retro-Appraisal $175,000
AVM Valuation Error $ 25,000 (12.5%)
Result: With a variance of 12.5%, the eligible
claim would result in a payment of the AVM
Valuation Error of $25,000 plus expenses. So
instead of a $30,000 loss, the loss is reduced to
$5,000 with the Warranted AVM.
Download Info Sheet
|
