eAppraise IT solution
First American eAppraiseIT Launches Industry's First Direct Integration Of
Valuation Data With Loan Origination System
7/9/01
- Customized Valuation Solution Is Scalable for Lenders Nationwide
-
POWAY, Calif., Jul 9, 2001 /PRNewswire via COMTEX/ -- First American
eAppraiseIT, a service of The First American Corporation (NYSE: FAF)
family of companies, today announced the launch of a new, fully
automated and highly adaptable electronic process for Real Asset
Valuations known as RAVe.
The system, which can support all aspects of the lending cycle, was
designed by First American eAppraiseIT to deliver faster and less costly
valuations to mortgage lenders. RAVe is the only system that can directly
link lenders with the most comprehensive database of property
characteristics in the country, which is owned by eAppraiseIT's sister
company, First American Real Estate Solutions (RES). The
system-to-system valuation technology electronically directs information
from lenders' production systems to the First American eAppraiseIT
valuation system. RAVe processes orders electronically and returns
relevant property characteristics and valuation data back to lenders'
systems, often in a matter of minutes. Using RAVe, property valuations
that would take several days by traditional methods can now be completed
at the point of sale.
"The lending industry has been looking for an electronic solution that will
allow it to speed up the valuation process by delivering critical information
directly into loan-decisioning software," said Stephen J. Oliver, chief
operations officer at First American eAppraiseIT. "We answered with
RAVe, a completely paperless process that integrates with our client's
loan system and eliminates redundant data entry on the part of the lender,
thereby reducing the potential for errors when re-keying data and improving
overall efficiency."
First American eAppraiseIT has already implemented the RAVe process
with one of the nation's largest mortgage lenders and is currently
processing thousands of RAVe valuations each month. In addition to
providing timely and concise information to the lender, RAVe also stores
records of all transactions on a secure server accessible by the lender.
This data warehouse provides complete reports that can be downloaded
from the secure site at any time.
Oliver added: "The RAVe process delivers simpler, less expensive and
more useful valuation products to the lending industry. These products
cover the full spectrum of lender needs, including origination, underwriting,
servicing and foreclosure. We are excited about the opportunity to
implement this technology for more of our clients in the future."
The First American Corporation, based in Santa Ana, Calif., is the nation's
leading, diversified provider of business information and related products
and services. The corporation's three primary business segments include:
title information and services; real estate information and services, which
includes mortgage information services and database information and
services; and consumer information and services, which provides
automotive, subprime and direct-to-consumer credit reporting;
direct-to-consumer public records reporting, resident screening;
pre-employment screening; automobile title administration; property and
automotive insurance tracking services; property and casualty insurance;
home warranties; investment advisory; and trust and banking services.
Information about the company and an archive of its press releases can be
found on the Internet at www.firstam.com.