First American Residential Value View Surpasses 3 Million BPO Valuations
—Servicers and Default Managers Continue to Rely on Broker Price Opinions for Valuation Needs —
September 16, 2008, SALT LAKE CITY
First American Residential Value View, a member of The First American Corporation (NYSE: FAF) family of companies and a leading provider of broker price opinions (BPOs) to the mortgage servicing industry, today announced it has now completed more than 3 million BPOs since its inception in 1995.
First American Residential Value View manages a nationwide network of more than 14,000 licensed real estate and valuation professionals to create independent third-party opinions of value. Its clients include seven of the 10 leading servicers. Offerings include drive-by valuations that can be ordered with comparable listing and recent sales data or as a hybrid that combines inspections with automated valuation models and damage assessment reports.
“The steady rise in defaults and foreclosures is driving the demand for more broker price opinions,” said Joni Pierce, chief operating officer of First American Residential Value View. “Our volume is up by 44 percent from July 2007 through June 2008, as compared to the same period the year before, and we recently passed the 3 million BPO milestone mark. Technology and data enhance our business, but in a changing market, many lenders still prefer the opinion of a seasoned professional who can assess the property condition and put it in a neighborhood perspective.”
About First American Residential Value View
First American Residential Value View is one of the country’s largest providers of electronic broker price opinions (BPOs). Since 1995, First American Residential Value View has offered the mortgage industry quick property valuations using its proprietary BPO management system, SourceNet, combined with a network of more than 14,000 real estate and valuation professionals. More information about First American Residential Value View and its valuation products can be found at www.farvv.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.