California-based CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report.

The company’s new product, OnSite, covers 98.7 percent of parcels in the country, contains local market conditions, and complements automated valuation model (AVM) reports.

“As a result of the new federal guidelines, regulated institutions are seeking new and cost-effective ways to ascertain the actual physical condition of a subject property as well as economic or local market conditions when an AVM is used for lending purposes,” said Craig Focardi, senior research director of retail banking and cards at the TowerGroup, a financial services research and advisory firm.

“To meet these guidelines and to ensure properties aren’t over- or under-valued, solutions that combine trained observations from field inspectors with comprehensive local market information will be beneficial in delivering more accurate analyses of a property,” Focardi added.

CoreLogic’s OnSite also delivers a condition rating using inspection results.

“A key differentiator with OnSite is its patent-pending condition rating system, which provides a more consistent and transparent assessment of the property condition,” said Susan Allen, VP of collateral solutions at CoreLogic. “This objective evaluation along with local market conditions leveraging the most comprehensive data available in the market provides lenders with a truer picture of a property.”

OnSite is available with CoreLogic AVMs and AVM Cascades or as a standalone report.