home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.

Lenders Use First American RES' $3 No Risk AVMs To Value More Than $30 Billion in 30 Days

ANAHEIM, Calif., Dec 13, 2001 /PRNewswire via COMTEX/ -- First American Real Estate Solutions (RES), a member of The First American Corporation (FAF) family of companies and the first company to introduce a national automated valuation model (AVM) for residential lending, reported today that response to its new $3 no-risk, life-of-loan AVM generated record-breaking valuation activity following its launch on October 15, 2001. During the first 30 days following the launch, the company issued AVMs on properties totaling more than $30 billion in value.

In a bold move toward removing the remaining obstacles to widespread AVM adoption, First American RES created the industry's only low-cost, guaranteed electronic valuation that offers life-of-loan valuation privileges. These privileges, which entitle lenders to value a property securing a mortgage loan numerous times during the loan's life cycle, can be transferred to companies that purchase the loan or the loan servicing rights and are valid until the borrower's obligation is satisfied.

"The new AVM package from First American RES enables us to further incorporate AVM technology throughout our operations for maximum impact," said Bill Krueger, vice president of Ocwen Realty Advisors. "It allows us to continually monitor our risk position and manage our portfolio in real time."

In addition to current estimates of market value, users receive detailed information about the subject property and comparable sales supporting the value estimate. First American RES guarantees the use of the most current comparables in support of the valuation. Order and delivery options include the use of HTML, XML and a batch portfolio valuation service.

"We are pleased with the market response to the $3 no-risk, life-of-loan AVM," said George S. Livermore, president of First American Real Estate Solutions. "Our customers are identifying new lending opportunities and enjoying significant cost savings as they incorporate AVMs into their loan origination and servicing platforms."

The new valuation product is available as an option on any of the five leading AVM methodologies currently offered by First American RES. The company's AVM products include ValuePoint(R), which has been independently evaluated and approved for mortgage underwriting use by a major ratings agency; and AREAS, which uses a patented, automated neural network (ANN) approach to calculating the market value of residential properties.

First American RES is the only company to control every aspect of AVM performance, from data collection and standardization to delivery of real-time valuations with supporting information through a variety of channels, including Web browsers, XML feeds, wireless connections, private label programs, Windows(TM) desktop solutions or bulk licensing arrangements.

First American RES provides advanced applications and property information for use by real estate and mortgage finance companies to help consumers and businesses buy and sell real estate; value residential and commercial properties; study real estate trends and neighborhood characteristics; and identify consumer prospects for financing, insurance and home improvement services. The company compiles its real property ownership, sales and financing data from public record, appraisal and multiple listings service providers, and standardizes this data expressly for property valuation and real estate marketing applications. Its data coverage extends to 85 percent of all U.S. real estate activity, the broadest reach of any data provider. It updates its database of property profiles and real estate transactions daily, adding nearly 2 million new transfers and mortgages each month.

The First American Corporation, based in Santa Ana, Calif., is the nation's leading, diversified provider of business information and related products and services. The corporation's three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting; resident screening; pre-employment screening; automobile title administration; property and automotive insurance tracking services; property and casualty insurance; home warranties; investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com .

For further information, please contact Teresa Grove, Vice President of Marketing, First American Real Estate Solutions, +1-714-701-3780.

The First American Corporation

Teresa Grove, Vice President of Marketing
First American Real Estate Solutions

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders