RP Data and First American CoreLogic Announce Automated Valuation Model Agreement with Genworth
—Genworth Financial Becomes Largest AVM Customer in Australia—
October 31, 2007, SANTA ANA, Calif.
RP Data, Ltd. (ASX: RPX), the largest supplier of property information services in Australia and New Zealand, and First American CoreLogic, Inc., a U.S.-based minority investor in RP Data, announced today that Genworth Financial has signed an agreement to license RP Data’s advanced set of automated valuation models (AVMs) for use in the Australian residential property market.
Genworth Financial, a leading provider of lenders mortgage insurance and credit enhancement product solutions in Australia and New Zealand, is the first customer to benefit from RP Data’s recent introduction of enhanced automated valuation models using the proprietary algorithms and advanced analytics available from First American CoreLogic. Genworth Financial has adopted the entire suite of RP Data’s property information and analytics to improve their decision making, processing efficiency and risk management capabilities. The end-to-end enterprise solution covers processing, management and monitoring of property services and associated risks.
“We are confident that RP Data will help us expand our leadership in the Australian mortgage insurance market by using their proven AVM technology,” said Peter Hall country executive and director of Genworth Financial. “Through RP Data’s technology, we are able to more confidently provide lenders with mortgage insurance solutions that can assist customers in growing and providing homeownership opportunities to more borrowers throughout Australia.”
RP Data’s AVMs automatically value more than 7 million residential properties in Australia and New Zealand each week to create comprehensive and accurate valuation reports on the residential real estate market. The RP Data AVM platform, in combination with First American CoreLogic databases and analytic models, provides Genworth Financial with instant access to the most reliable AVMs in Australia today. Genworth Financial is the first company in the Australian financial industry to integrate RP Data analytics and data services into a single valuation services platform.
“We are looking forward to a long, successful partnership with Genworth Financial,” said Graham Mirabito, chief executive officer of RP Data. “Our capabilities and leadership in the AVM market will help Genworth Financial provide real-time valuation services that place their company years ahead of the competition by enabling access to the most advanced automated risk mitigation, collateral management and real estate valuation tools on the market.”
Genworth evaluates every application that it receives by referencing it against RP Data’s automated valuation models, which are updated weekly to provide a valuation on every property in Australia. This property-check system allows valid applications to proceed through the loan application process while capturing and highlighting transactions that require additional review.
Using the RP Data tools, Genworth is also able to continuously monitor the performance of the underlying collateral in its portfolios, making it possible to proactively manage risk. In addition, portfolios and individual properties are monitored with RP Data’s Mortgage Monitor Solution, which scrutinizes every Genworth-tagged property for ownership changes that ultimately affect the property’s status and underlying risk.
About RP Data
Established in 1991, Australia Stock Exchange-listed RP Data (ASX: RPX) is the largest supplier of property information services throughout Australia and New Zealand. RP Data’s clients include more than 8,500 real estate agents, valuers, property developers, financial institutions and government departments. RP Data’s consumer site is the leading property data reporting site, delivering more than 600,000 property reports per year to its consumer customers. In addition to RP Data’s property information services, the company provides in-house management software to more than 1,100 real estate agencies. RP Data’s databases cover 97 percent of all properties in Australia and include more than 65 million data records made up of more than 12 million property ownership records, 11 million property attribute records, 3.6 million property features records, 15.8 million property sales records, 12 million property maps, 16.8 million property photos and 9 million "on the market" property listing records. For more information visit www.rpdata.com.
About Genworth Financial
Genworth Financial is a leading financial security company meeting the retirement, longevity, lifestyle protection, investment and mortgage insurance needs of more than 15 million customers, with a presence in 25 countries. For more information, visit genworth.com.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies, was formed through the merger of First American Real Estate Solutions, America’s largest provider of advanced property and ownership information, analytics and services, with CoreLogic Systems, the leading provider of residential mortgage risk management and fraud protection technology and services. The combined companies’ databases cover more than 2,900 counties, representing 99.1 percent of the United States population. With more than 600,000 users nationwide, First American CoreLogic products are used by businesses to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share. More information can be found on the Internet at www.corelogic.com or www.firstamres.com.
About The First American Corporation
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. With revenues of $8.5 billion in 2006, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.