First American eAppraiseIT Releases ValueView for Reverse Mortgages
—Combination AVM/Inspection Report Assesses Property Conditions—
August 7, 2008, SANTA ANA, Calif.
First American eAppraiseIT, a member of the First American Corporation (NYSE:FAF) family of companies and a leading provider of real estate valuation products and services, today announced the release of ValueView, a new hybrid valuation product that will help the reverse mortgage industry assess and monitor the value and condition of portfolio properties.
ValueView addresses a major concern of reverse mortgage lenders: the prospect that properties with reverse mortgages will, over time, fall into disrepair. Reverse mortgage customers frequently have properties requiring repairs, which can affect the lender’s ability to sell the loan.
ValueView is a low-cost, data-driven solution to monitor current market value and property condition after a loan has funded. It combines a “drive-by” inspection of the subject property with a valuation determined by two comprehensive automated valuation models (AVM). Lenders receive a current photograph and a concise on-site inspection report that answers questions concerning the property condition, its overall marketability and the state of the surrounding neighborhood.
“Reverse mortgages are one of the fastest growing segments of the mortgage industry and as the baby boomer generation ages, the need for these products are expected to increase,” said Mike Fosser, senior vice president of business development for First American eAppraiseIT. “Because we have one of the largest networks of Federal Housing Authority-certified appraisers, eAppraiseIT is very active in the reverse mortgage space. Our understanding of this market and our clients’ concerns led to the development of ValueView.” ValueView is a fast, accurate and cost-effective alternative to ordering a full appraisal.
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, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.