As a result of the Dodd-Frank Act, federal regulations now require lenders to provide buyers of new, financed manufactured homes a valuation disclosure when a home-only transaction meets certain criteria and is defined as an HPML, or Higher-Priced Mortgage Loan.
What is the MSRV report?
The Datacomp MSRV, or Market Suggested Retail Value, is a valuation report that is intended to fulfill the HPML appraisal rules (12.CFR 1026.35) for new manufactured homes. Based on Datacomp’s trusted platform for accurate, market-based valuations, the MSRV establishes an independent, local retail value for a new home based on actual market sales.
Why would I need an MSRV report?
If you are a lender, a valuation disclosure is required to be provided to the client three days prior to closing when a new, home-only transaction meets certain requirements to be considered an HPML.
As a retailer or community, this disclosure requirement is handled by your lender as part of the financing documents. However, Datacomp also offers a pre-sale MSRV certificate designed as a sales tool for retailer and communities.
How is value determined?
The Datacomp MSRV uses a market approach based on comparable, new home sales transactions. Consistent retail values are provided through automated decision-support tools and appraiser-reviewed for accuracy and reliability.
How can I order an MSRV report?
Whether you are a lender, or a retailer, you can order the appropriate MSRV report from the Datacomp website. From this website, you can order the MSRV with your Datacomp account, as a guest user or you can download an order form that you can fax to the office.
Datacomp also offers a number of other valuable reports on its website, as well as an experienced customer service team to assist with any questions!