Equity National, a Providence, R.I.-based title and settlement services company, has introduced PACEplus, a new valuation tool for real estate owned properties.
PACEplus combines macro-market data analysis with human review and field data collection to produce a value. Jim Dammerich, head of the company's collateral valuation division, notes that broker price opinions (BPOs) have traditionally been the standard tool used for distressed-asset valuations. PACEplus, he says, is less subjective than a BPO because it utilizes a deeper pool of public and private data in its valuation conclusion.
"In addition, we overcome the habitual shortcomings of an automated valuation model by using a combination of expert analysis and field inspection, including a questionnaire about the neighborhood of the asset," Dammerich adds.
SOURCE: Equity National