Dale Ross

RPR Working to Bridge the Gap with the Mortgage Industry

by Marilyn Wilson on September 12, 2012

Dale Ross, head of RPR published a very interesting article today that I thought would share with you about the company’s efforts to have a positive impact on the mortgage industry. One of the key goals of RPR is to help improve the accuracy of the valuations of properties by providing more comprehensive, accurate and up to date information.  Here it is: Today, RPR is available to the majority of NAR’s REALTOR® members.  In 2011, RPR began to place greater focus on the communications and relationships needed to engage the entities responsible for mortgage liquidity.  With the support of NAR’s Washington D.C. based Legislative Staff, RPR has been participating in numerous meetings with various governmental agencies and financial institutions. The purpose is to provide them with advanced analytics and valuation tools created by RPR to reinforce confidence in property valuations.  This has the potential to bring stability to the market and thereby provide more capitol to the housing industry.  Response to our plan has been overwhelmingly positive. To highlight the level of interest and dialogue between the federal government and the NAR regarding RPR’s potential value, I would like to share some recent testimony by one of our NAR members. On June 28, 2012, Frank Gregoire a REALTOR® from Naples Florida, and 2011 Chair of NAR’s Appraisal Committee provided testimony before the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity.  This hearing was specifically on Appraisal Oversight regarding The Regulatory Impact on Consumers and Businesses Regarding RPR and the Realtor Valuation Model® (RVM®), Frank testified: “The unique value of RPR’s AVM is that it incorporates real-time market information from more than 400 Multiple Listing Services (MLS) nationwide, comprising approximately two-thirds of NAR’s membership. Much of this MLS data contains more than 10 years history on most properties. RPR’s AVM, known as the Realtors Valuation Model (RVM), is more accurate than most other AVMs when tested on both the national and local levels. Incorporation of MLS data combined with accuracy allows the RVM to offer the strongest value proposition in today’s market.” He also stated: “Through RPR, REALTORS® have access to comprehensive tools to improve comparable property selection to determine the tradeoff between days on market and price. This also allows for improved disposition of distressed properties based on local trends and connections to REALTORS® equipped to sell these unique properties. RPR is an investment in […]

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