Hi folks, spring has sprung, and we're happy to announce several product enhancements and bug fixes we've recently made:
Changes to the Equity Model on Properties
Each year we review our equity and loan position models to ensure they reasonably reflect current market conditions. This year we made some changes which will affect Total Loan Balance, Combined Loan To Value (CLTV), Available Equity, and Loan Positions as follows:
- When a loan is against multiple properties, the loan amount is now divided equally among those properties.
- In cases where we aren't able to determine an Estimated Value (AVM) with a high degree of confidence, we now use the amount of the most recent market transfer (within three years). Note that we indicate this by setting the Estimated Value Confidence to 2%. Similarly if we are not able to make any estimate, we use the Assessed Value, and in that case set the Estimated Value Confidence to 1% so you can easily identify these special cases.
- The age of a loan is now taken into account when the total loan balance is calculated. We default to a 30-year term if we don't know the loan term, and we use the Freddie Mac 30 year rate at the time the loan was originated if we don't have the actual rate for that loan.
- Association Liens (ASL) will no longer reconvey prior loans if they have a higher balance.
Updates to Foreclosure Listing eXchange (FLX)
FLX allows you to add a foreclosure search widget to your website. FLX has been fully migrated from the foreclosureradar.com domain to propertyradar.com. Existing FLX pages don't have to be updated, but you will get a slight performance improvement if you use the new embed code. To get the latest embed code go to Settings (gear icon), Website Widgets.
Additional Updates & Bug Fixes
- The Bid Sheet report now reflects values input using the Investment Analysis tool.
- Parcel boundaries have been added for Pima County, AZ and Polk County, OR.
- We fixed a bug where List View reports were not printing values for My Interest or My Status.
- We created a new one-page Property Profile report, and fixed issues in the existing Property Profile reports.
- Fixed issues with editing text message alerts, and with alerts for teams.
Lots more good stuff on the way. If you have any questions on these enhancements or want to request something new, please don't hesitate to Contact Us.