How Can a Mortgage Broker do BPO Work?

Mortgage Lenders / Brokers don’t generally get involved in Real Estate Valuation, unless they are dually licensed. In most references, a “BPO” is a “ Broker Price Opinion” or similar, where the “broker” part refers to a Real Estate Broker. Real Estate Agents can offer professional opinions as to the value and market price of real estate, as this is often what is asked of them in their professional capacity. Mortgage Brokers, though they may be quite familiar with valuation trends in their home territory, are not professionally qualified (nor are they often able to directly access the required subscription-only databases) for this type of assignment.

That said, there may be some localities that are exceptions to this general rule. Ask your local mortgage broker’s association for further guidance and recommendations. Note that if the mortgage broker is involved in a transaction involving the subject property, it is likely a conflict of interest for the broker to offer an “independent” opinion of value.