“Retailers and community owners are concerned about the valuation that the lender must now provide to the buyer three days prior to closing under the new appraisal regulations,” explained Dan Rinzema, President and CEO of Datacomp.
Grand Rapids, Michigan (PRWEB) August 17, 2015
Datacomp, the nation’s largest, independent provider of market-based manufactured home appraisals, has announced the availability of the Datacomp MSRV, or Market-Suggested Retail Value, a comprehensive new home valuation service intended to enable compliance with the new appraisal rules for Higher-Priced Mortgage Loans (HPML), now in effect for most financed manufactured home transactions.
“The information needed to order a Datacomp MSRV for a new manufactured home valuation can be entered on our website in a matter of minutes,” said Dan Rinzema, President and CEO of Datacomp. “There’s no cumbersome data entry process or specialized knowledge necessary. We’ve made it so anyone in the office can easily order a valuation from their desktop computer, tablet or mobile device.”
In addition to developing a Lender Final Sale Certificate that is ordered by the lender and intended to be an estimate of value in compliance with the new HPML appraisal regulations (12.CFR 1026.35), Datacomp has also created a Retailer Pre-Sale Certificate that can be ordered by a community or retailer prior to a home sale to assist a potential customer in understanding the market value of the home they are considering.
“Retailers and community owners are concerned about the valuation that the lender must now provide to the buyer three days prior to closing under the new appraisal regulations,” explained Rinzema. “They told us that they wanted an opportunity to be able to reinforce the value of today’s manufactured home to the consumer early on in the sales process.”
The Retailer Pre-Sale Certificate is intended as a buyer-friendly resource that can be displayed in the home or presented to the customer during the sale to establish value with the credibility of an independent, third-party.
“We believe our MSRV service is the easiest to use and most cost-effective valuation solution available for compliance with the HPML appraisal rules for new manufactured homes,” stated Rinzema. “The only thing you can do with a basket full of lemons is to make lemonade, that’s exactly what we’ve done.”
Both the Datacomp MSRV Lender Final Certificate and Retailer Pre-Sale Certificate are available for ordering through the Datacomp website. The cost of a Lender Final Certificate is $49 per home, and the cost of a Retailer Pre-Sale Certificate is $39 per home through the end of 2015. Standard turnaround on a valuation order is provided within 24 business hours.
Based in Grand Rapids, Michigan, Datacomp is the nation’s largest, independent provider of manufactured home appraisals and inspections, value reports, price information, and manufactured housing industry market data. Founded in 1987, Datacomp serves clients in every segment of the manufactured housing industry. The company’s success is based on a simple idea: provide accurate, competitively-priced valuation services delivered in a timely manner and supported by excellent service. In 2004, Datacomp founded MHVillage.com, the industry’s premier website for advertising manufactured homes and communities. Datacomp is also the publisher of JLT Market Reports, the standard for manufactured housing industry market data and operator of the Community Attributes System (CAS), the nation’s most comprehensive database of manufactured housing community information.