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. Datacomp MSRV is 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.
“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,” Datacomp President and CEO Dan Rinzema said in a news release. “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. 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, Datacomp also has 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,” Rinzema said. “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,” Rinzema said. “The only thing you can do with a basket full of lemons is to make lemonade, that’s exactly what we’ve done.”