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 firstam.com/mortgagesolutions.
The continually improving data checks and information sharing that occurs throughout First American Mortgage Solutions’ Smarter Valuations process dramatically reduces the need for quality control. Optimizing the use of data, analytics and technology removes this redundant expense, reducing the timeline and producing a higher quality valuation.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.