First American eAppraiseIT.com Adds New Electronic Valuation Tools to Web Offering
- Delivers Complete Line of Online and Traditional Valuations Services -
July 5, 2000, SANTA ANA, Calif.
The addition of First American RES's Subject Search, which provides specific property detail; First American's ValuePoint, which uses comparable sales and property characteristic models to provide fast and accurate property valuations; and First American's Home Price Index, which estimates a residential property's current value based on repeat sales, makes First American's eAppraiseIT the only source to offer a full range of traditional and online valuation solutions in a secure and convenient online environment.
A unique feature to eAppraiseIT.com is the ability to request progressive collateral assessments. For a small fee, users can request a real-time valuation of specific properties across the country. If electronic property data is not robust for that region, or the user would like to request a traditional valuation, such as a drive by or a complete onsite appraisal, they can upgrade their request directly from the Web site.
"eAppraiseIT.com is the only place where mortgage lenders can access a complete online offering of residential property valuations backed by the strength of First American's advanced technological resources and industry experience," said Chris Leavell, president of First American eAppraiseIT. "By providing a complete online valuation center, we can leverage the e-commerce tools developed for First American's FAST systems to provide valuable business-to-business, e-commerce solutions to the mortgage lending industry."
The technology behind eAppraiseIT's valuation tools serves as the framework for the appraisal portion of First American's various FAST initiatives. eAppraiseIT complements First American's growing e-commerce solutions by providing a dynamic and flexible system that can adapt to any business-to-business environment. By expanding the scope of eAppraiseIT.com, First American has taken another step in offering a complete menu of online services that will act as a single point of contact and connectivity for customers.
"eAppraiseIT.com is the only Web site in the mortgage lending industry that can communicate with various back-end systems and provide online ordering, statusing and delivery of residential appraisals," added Leavell. "This flexibility gives First American the ability to scale the service for its customers and ultimately offer the technology as valuable private label arrangements."
As previously announced, eAppraiseIT.com and its developer, First American eAppraiseIT's chief information officer Tom Huffman, were honored with the Smithsonian Laureate Award for Technology Innovation. In April 2000, Huffman's work, along with that of other leading technology innovators who have changed the face of business, was inducted into the Smithsonian's permanent research collection of information technology.
First American eAppraiseIT, a service of The First American Family of Companies, offers a complete menu of residential appraisal and statistical evaluation products. It provides the most accurate appraisal information available for first mortgages, home equity loans, foreclosures and tax assessments. The company's use of the most advanced technology available, combined with centralized processing, simplifies ordering and speeds turnaround.
The First American Corporation, based in Santa Ana, Calif., is the nation's leading provider of business information and related products and services. The corporation's three primary business segments include: title insurance and services; real estate information and services, which includes mortgage information services and database information services; and consumer information and services, which provides home warranties; automotive, subprime and direct-to-consumer credit reporting; property and casualty insurance; property and automotive insurance tracking services; resident screening; pre-employment screening; 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.