Selling a New Home? Datacomp offers an MSRV Report

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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.

Fortunately, our friends at Datacomp have developed a valuation product that is quick, easy and intended to fulfill these requirements. Not only is it an important compliance resource for lenders, it can also be a valuable sales tool for manufactured home retailers and communities.

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.

Many retailers display a pre-sale MSRV in the home to show value to the customer. Also, it gives buyers confidence in the selling price of the home. The report provides insight to the value the buyer will receive from the lender. And it introduces the concept of a valuation to the buyer, so it is a non-event when it happens.

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!

 

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Ellie Walker is the Customer Experience Manager with MHVillage and works in project marketing, account development and customer service in addition to operating as one of the leading project managers. Having been with the website since 2010 she works on developing new marketing concepts, social media management and on-boarding for new clients. Her background in marketing and advertising varies when it comes to online content, everything from website and user interface design to social media management. Her experience with MHVillage also gives her an edge when it comes to marketing homes, companies and communities online to keep with the competitive and ever changing climate of our industry and consumer interaction.