FIRST AMERICAN eAPPRAISEIT LAUNCHES INDUSTRY’S FIRST DIRECT INTEGRATION OF VALUATION DATA WITH LOAN
— Customized Valuation Solution Is Scalable for Lenders Nationwide —
July 9, 2001, POWAY, Calif.
First American eAppraiseIT, a service of The First American Corporation (NYSE: FAF) family of companies, today announced the launch of a new, fully automated and highly adaptable electronic process for Real Asset Valuations known as RAVe.
The system, which can support all aspects of the lending cycle, was designed by First American eAppraiseIT to deliver faster and less costly valuations to mortgage lenders. RAVe is the only system that can directly link lenders with the most comprehensive database of property characteristics in the country, which is owned by eAppraiseIT’s sister company, First American Real Estate Solutions (RES). The system-to-system valuation technology electronically directs information from lenders’ production systems to the First American eAppraiseIT valuation system. RAVe processes orders electronically and returns relevant property characteristics and valuation data back to lenders’ systems, often in a matter of minutes. Using RAVe, property valuations that would take several days by traditional methods can now be completed at the point of sale.
“The lending industry has been looking for an electronic solution that will allow it to speed up the valuation process by delivering critical information directly into loan-decisioning software,” said Stephen J. Oliver, chief operations officer at First American eAppraiseIT. “We answered with RAVe, a completely paperless process that integrates with our client’s loan system and eliminates redundant data entry on the part of the lender, thereby reducing the potential for errors when re-keying data and improving overall efficiency.”
First American eAppraiseIT has already implemented the RAVe process with one of the nation’s largest mortgage lenders and is currently processing thousands of RAVe valuations each month. In addition to providing timely and concise information to the lender, RAVe also stores records of all transactions on a secure server accessible by the lender. This data warehouse provides complete reports that can be downloaded from the secure site at any time.
Oliver added: “The RAVe process delivers simpler, less expensive and more useful valuation products to the lending industry. These products cover the full spectrum of lender needs, including origination, underwriting, servicing and foreclosure. We are excited about the opportunity to implement this technology for more of our clients in the future.”
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; property and automotive title administration and 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.