First American Introduces “Smart” Valuations to Transform Appraisal Process
Early success metrics demonstrate a notable decrease in turn times with no degradation in quality
October 18, 2017, Santa Ana, Calif.
First American Mortgage Solutions, LLC, a part of the First American family of companies, today reported initial field results after months of testing its “smart” valuation offering, which seamlessly integrates big data, mobile technology and reconfigured workflows to enhance the historically manual labor-intensive appraisal process. Early metrics demonstrate a 16 to 20 percent reduction in appraisal turn times, along with improvements in quality, and ongoing turn time reduction is expected. The early results represent a needed paradigm shift by delivering faster, higher quality and more cost-efficient valuations.
Streamlining the appraisal process further demonstrates First American’s ongoing commitment to improve the lender and consumer experience. A leader in analytics and data-driven processes and tools, First American has invested heavily in developing a valuation solution that will help facilitate a faster closing. Leveraging its enterprise-wide assets and technological expertise, the company has developed a collaborative process fueled by data and analytics that connects a mobile workforce with cloud-based technology to drive speed, cost reduction and quality.
“Moving from loan application to close faster is a long-awaited evolution being fueled by access to better data and technology, which allows us to rethink traditional workflows and processes,” said Kevin Wall, president of First American Mortgage Solutions. “This has been a major aspiration for us, along with the entire mortgage industry, and we’re excited to be at the forefront of game-changing progress.”
Speaking to the industry-wide effort, Wall pointed to comments from investors that speeding up the appraisal process can help significantly improve efficiencies and perhaps reduce some of the fixed costs, particularly in some larger housing markets where appraiser turnaround times can be months.
First American’s “Smart” Valuations Combine Proprietary Software, Data and ACI SkyTM Technology
First American is levering its proprietary software and data to help with appraiser selection and optimization. The company is also levering its nationwide, industry-leading position in property data to assist the appraiser in both research and reference data. Finally, using ACI Sky™ technology, it is moving the back-end quality control process to in-line quality assurance, infused with data validation at every step.
“Smarter valuations are achievable because of the incredible assets amassed by First American, specifically data, technology and industry expertise. We are continuing to invest in every area of the mortgage continuum where we see an opportunity to lever our assets to improve quality and consumer experience. We have the ability to transform weeks into days, while empowering appraisers to best utilize their talents and skills,” added Wall.
First American has a unique blend of staff and network appraisers, a leading appraisal technology platform through ACI Sky™, and First American’s proprietary analytics.
For more information, visit here or see a demonstration of smart valuation products at First American Data & Mortgage Solutions’ hospitality suite in the Denver Convention Center, Second Floor, Room 201, during the MBA’s Annual Convention & Expo, October 22-25, 2017.
About First American Mortgage Solutions
First American Mortgage Solutions, a part of the First American family of companies, provides comprehensive solutions for residential lenders and servicers covering the entire loan spectrum. First American Mortgage Solutions, together with First American’s broader capabilities, serves as a single source for title and settlement, data and analytics, fraud and verification, regulatory compliance, valuation and collateral risk, quality control, fulfillment services, and default services. More information about First American Mortgage Solutions can be found at https://www.firstam.com/mortgagesolutions.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With total revenue of $5.6 billion in 2016, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2016 and again in 2017, First American was named to the Fortune 100 Best Companies to Work For® list. More information about the company can be found at www.firstam.com.