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The industry is changing and there are now more valuation options that can fund loans faster and reduce cost. FirstClose can help lenders tier their valuation types to fit their individual lending needs (based on FICO, loan amount, and other criteria), including the following:

Automated Value Model

Ideal for most loans, FirstClose's AVM instantly delivers estimated, high and low values, as well as a confidence score based on comps in that geographical area.

Desktop Evaluation

This proprietary product is completed by FirstClose's in-house evaluation team. It includes an automated value as the AVM, but the comps can be modified by our evaluation specialists. This can lead to a more accurate value and overall higher confidence score.

Drive-By Appraisal (2055)

An appraiser will inspect the exterior of a property and provide an opinion of value.

Property Condition Reports

A full external inspection of the home details the current state of the property, including photos from multiple angles and street address verification. The report also includes notes about the neighborhood and any visible damage. An interior report is also available with additional detail.

Hybrid Appraisal

Using traditional and electronic methods, this product is USPAP compliant and delivers an opinion of value from a certified appraiser like traditional Fannie Mae forms such as 2055 and 1004, only at a much lower cost.

Full Interior Appraisal (1004)

An appraiser will inspect the interior and exterior of a property, then provide an opinion of value.

Client | Turn-time has significantly reduced over the year. I believe it’s dropped almost seven days, so it’s been a pretty big gain from that. We’ve been able to reduce our days-to-close roughly from 40 days down to about 30 days.

Josh Hurley, Lending Supervisor, Umpqua Bank