First American eAppraiseIT Offers Streamlined Version of Its Value Reconciliation Service Product
March 18, 2008, POWAY, Calif.
First American eAppraiseIT, a leading provider of real estate valuation products and services, is now offering a low-cost, one-page value reconciliation report that will help default and real estate owned (REO) managers make loss mitigation and pre-foreclosure decisions.
The new offering, VRR Lite, like eAppraiseIT’s original value reconciliation service, will give clients a better understanding of the reasons for differences between origination appraisals and subsequent loan servicing valuations and assist in the analysis of loan portfolios, retrospective value reviews, pre-closing and post-closing value opinions and appraisal panel reviews. VRR Lite offers lenders better visibility into the true value of their assets in pre-foreclosure situations, alerts them to indications of fraud and helps them develop more accurate bids for foreclosure sales and initial listing prices for REO properties.
Michael Fosser, senior vice president of business development for First American eAppraiseIT said: “Our value reconciliation service anticipated the market’s shift in focus from origination to servicing and responded to the need of resolving conflicting valuations of a property, resulting from the time the valuation was ordered at various stages of the origination, loss mitigation, foreclosure and REO cycle. Our new offering delivers the same insights into collateral values, but does it in a simpler, less-expensive report. This is a response to our clients’ and the market’s needs to handle higher levels of default.”
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; 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 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.