2012-10-04 15:32:58 -
PRESS RELEASE
BuildFax Permit Data Now Available for ACI Appraisal Software Users
New building permit service strengthens real estate appraisers' ability to
report on improvements
PALM COAST, Fla. - October 4, 2012 - ACI, a leading provider of real estate
appraisal software and innovator in valuation technology for the mortgage
industry, announced today that the company has integrated BuildFax information
into ACI's software platform, ACI2010(TM). BuildFax specializes in providing the
nation's only automated source for building permit data - including permits for
additions and remodels not found in property tax records. The integration of
BuildFax's building permit information into ACI2010 provides more data to
appraisers, improves the quality of appraisal reports, and assists in Uniform
Collateral Data Portal (UCDP) compliance.
"Professional appraisers constantly strive to provide accurate documentation to
further support the value conclusion for the properties they appraise," said
George Opelka, senior vice president of ACI. "We will continue to seek new
sources of information and data to help real estate appraisers accomplish that
objective. And with that said, we're very pleased to bring the building permit
data provided by BuildFax to the appraiser community."
Under new Uniform Appraisal Dataset (UAD) requirements, appraisers are asked to
state if a subject property has been remodeled or updated in the past 15 years,
along with the date the change took place, if applicable. BuildFax building
permit data can provide supportive documentation to an appraiser's overall
condition rating on a subject property - helping quantify condition and quality
details as well as conclusions regarding any updates or remodeling. Appraisers
can save time and money while avoiding callbacks by taking advantage of the same
permit data that more than 400 lenders are already using in their review
process.
"Properties are ever-changing, comps are changing. BuildFax's permit data helps
appraisers fill in the missing pieces on overall property condition, additions,
and remodels - as they change," says BuildFax President Holly Tachovsky.
"Consider this, residential remodels, as tracked by building permits, were at a
staggering seasonally adjusted rate of 2,894,000. That's nearly 3 million homes
changing, added to the millions that changed last year and the year before and
so on. Those changes are not only relevant to an appraiser's subject property
but can also affect the accuracy of area comps."
About BuildFax(®)
BuildFax is the creator of the first and only automated source for national,
historical building permit data. BuildFax Reports provide permit-level details
on property improvements, condition, valuation, and open permits - insight not
found in tax assessor data - critical in analyzing collateral risk. More than
400 lenders already utilize BuildFax data in their loan approval process in
accordance with existing GSE guidelines, which acknowledge and recommend
permitting data as a trusted source for independent, third-party verification of
property improvements and condition. The BuildFax database continues to grow,
currently covering over 72 million residential and commercial properties in the
United States, with over 6 billion data points. For more information, visit
www.buildfax.com.
About ACI
ACI, a pioneer in crafting technology solutions for the mortgage valuation
community, has gained industrywide recognition and support from leaders in the
field. ACI's highly scalable appraisal solutions are tailored to the needs of
the organizations ACI serves. The ACI client base features many of
North America's premier lenders, national appraisal companies, and real estate
brokerage firms. From connecting appraisers nationwide to streamlining quality
control, ACI enables organizations to process appraisals and manage exceptions
in a consistent and efficient manner. Headquartered in Palm Coast, Florida, ACI
(www.aciweb.com) is a division of Verisk Analytics (Nasdaq:VRSK).
# # #
Contact
George Opelka
Senior Vice President, ACI
800-234-8727
gopelka@aciweb.com
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Verisk Analytics Inc. via Thomson Reuters ONE
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