eAppraiseIT Unveils New Property Valuation Tool; Alternative to AVMs
First American eAppraiseIT said Wednesday that it is now offering Data Assist, a new valuation tool for lenders and servicers that need quick, low-cost, accurate values for credit decisions, loss mitigation, portfolio analysis and quality assurance. Data Assist is a faster and less expensive alternative to a traditional appraisal, the company said in a press statement. The standard Data Assist report verifies a property’s legal address and ownership and includes three closed sale comparables from the subject property’s market area. For a more comprehensive analysis, Data Assist with Listings offers the same information, plus three current listings that are similar to the subject property. "Being able to quickly and accurately determine a valuation is critical in today’s changing lending environment," said Michael Fosser, senior vice president of business development for First American eAppraiseIT. "Over the past several years, lenders have used AVMs as the sole valuation tool for home equity loans. Many lenders are now looking for more alternatives." Beyond originations, Fosser said that the company's new alternative to a traditional AVM would work well for default managers trying to determine market values in pre-foreclosure proceedings, as well as lenders valuing their portfolio holdings. For more information, visit http://www.eappraiseit.com. Disclosure: The author owned no positions in any publicly-held company mentioned in this story when it was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.