First American eAppraiseIT Introduces Data Assist: A Quick, Current Value Report
March 24, 2008, POWAY, Calif.
First American eAppraiseIT, a leading provider of real estate valuation products and services, is now offering Data Assist, a new valuation tool for lenders and servicers that need quick, low-cost, accurate values for credit decisions, loss mitigation, portfolio analysis and quality assurance.
Data Assist is a faster and less expensive alternative to a traditional appraisal. The standard Data Assist report verifies a property’s legal address and ownership and includes three closed sale comparables from the subject property’s market area. For a more comprehensive analysis, Data Assist with Listings offers the same information, plus three current listings that are similar to the subject property.
Michael Fosser, senior vice president of business development for First American eAppraiseIT said: “Being able to quickly and accurately determine a valuation is critical in today’s changing lending environment. Over the past several years, lenders have used AVMs as the sole valuation tool for home equity loans. Many lenders are now looking for more alternatives. Data Assist can provide a high level of confidence without adding significant cost or delay to these transactions. Likewise, it will appeal to: 1) default managers trying to determine market values in pre-foreclosure proceedings; 2) internal quality assurance executives doing appraisal panel reviews and 3) lenders valuing portfolios.”
About First American eAppraiseIT
First American eAppraiseIT offers the most comprehensive and innovative line of products in the valuation industry, including VeriCert, a collateral risk determination tool for wholesale lenders and purchasers; Vector Assisted Appraisal, a USPAP compliant desktop appraisal based on robust data and analytics, RAVe, a progressive valuation solution designed for equity, default, review and niche channels; and a full suite of industry-leading automated valuation models (AVMs). eAppraiseIT is a subsidiary of the The First American Corporation (NYSE: FAF). More information about First American eAppraiseIT and its appraisal products can be found on the Internet at www.eappraiseit.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $8.2 billion in 2007, it 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. More information about the company and an archive of its press releases can be found at www.firstam.com.