First American eAppraiseIT.com Licenses Award-Winning Valuation Technology
— Private-Label Agreement Creates Opportunity for Customer to Distribute Industry’s Most Advanced AVMs —
July 24, 2000, POWAY, Calif.
Lending Solutions, Inc. provides its clients with outsource loan origination, processing and underwriting. Combining LSI’s automated decisioning software with First American’s state-of-the-art electronic valuation tools will enable LSI to provide immediate response to Internet-based loan requests. As a result, LSI and First American, as the underlying valuation service provider, will be in an excellent position to capture a high percentage of the home equity loans originated by credit unions.
The private-label agreement will allow LSI to distribute the industry’s most advanced residential property valuation directly from its Web site, www.LSIAppraiseIT.com. Credit unions will use the on-line automated valuation models (AVMs) to assess collateral for home equity loans and prequalify borrowers for first mortgages.
AVMs have enabled the home equity industry to close loans in hours as opposed to the traditional five to seven business days. In 1999, credit unions in the U.S. originated more than 2.4 million home equity loans. Many consumers will benefit from this cost-effective, fast and accurate means of assessing residential property in an urbanized setting, as LSI currently works with more than 350 credit unions.
In addition, lenders may upgrade the AVM to a drive-by or full appraisal from the Web site by utilizing its progressive collateral assessment capabilities. First American eAppraiseIT has combined its world-class AVMs with its traditional appraisal products to offer a full array of services at the touch of a button.
“These private-label arrangements offer First American new distribution channels that drive incremental revenue and expand product reach,” said Chris Leavell, president of First American eAppraiseIT. “By allowing our partners to participate in the revenue produced by these highly efficient informational products, we can become their single-source provider for electronic and traditional valuations and capture a larger portion of the appraisal market.”
“eAppraiseIT is the only technology in the mortgage lending industry that can communicate with various back-end systems and provide online ordering, statusing and delivery of residential appraisals,” said John McGivern, vice president of mortgage lending for Lending Solutions, Inc. “We believe the LSIAppraiseIT technology will be beneficial to current LSI clients and credit unions as well as our new partnership with CUNA Mutual Mortgage.”
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.
Any statements in this document that look forward in time involve risks and uncertainties, including but not limited to the following: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; general volatility in the capital markets; the demand for and the acceptance of the company's products; changes in applicable government regulations; continued consolidation among the company's significant customers; consolidation among significant competitors: the impact of the legal proceedings commenced by the California attorney general and related litigation; the continued ability to identify businesses to be acquired; and changes in the company's ability to integrate businesses which it acquires. The company's actual results, performance or achievement could differ materially from those expressed in, or implied by, any forward-looking statements, and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what impact they will have on the results of operations or financial condition of the company.