First American Valuation and Property Solutions Offers New Appraiser Validated Price Opinion Product
––Combines Speed and Value of a BPO with the Validation of a Seasoned Appraiser––
February 4, 2010, DALLAS
First American Valuation and Property Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in residential property valuations, inspections and preservation services, today announced its new valuation service, the Appraiser-Validated Price Opinion.
Designed to assure investors and servicers of valuation accuracy, Appraiser-Validated Price Opinions are expert opinions that provide a second level of review for broker price opinion (BPO) users, without the need to build expensive in-house review functions. While this is not an appraisal, a licensed appraiser confirms the specific set of values determined by a local Realtor® by looking at comparable sales and verifying accuracy. If discrepancies are found, the appraiser provides a new set of values, complete with an explanation of how they were determined.
Available as a complete outsourced option or as a supplement to in-house review teams, Appraiser-Validated Price Opinions help improve valuation accuracy and review turn times. In addition, the solution helps clients identify high-risk BPOs so existing internal staff can focus on other high-impact activities and handle value exceptions only.
“This year servicers and investors will order millions of BPOs as they work through loss mitigation scenarios and attempt to value portfolios and distressed assets. With this level of activity, it is even more important to verify accuracy while increasing throughput and reducing processing costs,” said Joni Pierce, division senior vice president for First American Valuation and Property Solutions. “Our Appraiser-Validated Price Opinion service provides the safety of a second, objective look at the valuation, without the need for second BPOs, expansion of in-house review staff or a full appraisal.”
Appraiser-Validated Price Opinions are available as exterior-only or exterior and interior reports. Reports can be made available to the customer in as little as seven to 10 days.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, 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.