FLDI Announces Agreement with First American CoreLogic to Offer New Valuation Products Designed to Verify and Value Distressed Properties
Austin, Texas, December 4, 2007 - First Lenders Data, Inc. (FLDI) , an Austin, Texas-based provider of bundled mortgage settlement services announced today an agreement with First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies and America's largest provider of advanced property and ownership inf or mation, analytics and services, to offer First American CoreLogic ValuePoint4 Default T automated valuation model (AVM) and Property Verification Reports to the growing network of FLDI sales agents, resellers, credit unions, banks, and mortgage lenders.
ValuePoint4 Default and Property Verification Reports are available immediately through batch processsing and will be available the first quarter or 2008 through a technology integration with the FLDI platform. ValuePoint4 Default is a new AVM tool that provides a more accurate assessment of the value of distressed REO properties than typical AVMs or more traditional Broker Price Opinions (BPO). ValuePoint 4 Default provides an estimated disposition value for the property as well as a disposition value range, using the commonly accepted appraisal definition of the phrase estimated disposition value.
Combining ValuePoint4 Default with a Property Verification Report, including photos, can reduce the time and cost of assessing the value of a distressed property and verifying its current condition of the property when compared to a BPO or other means of verifying and assessing the value of properties.
"We are pleased to make ValuePoint4 Default and Property Verification Reports available to FLDI and its respective clients to help them better navigate current market conditions, especially the marked increase in foreclosures and Real Estate Owned (REO) properties," said Rob Walker, executive vice president of Collateral Valuation, First American CoreLogic. "All lenders, large and small, can benefit from ValuePoint4 Default and Property Verification Reports by more accurately and efficiently assessing and verifying the value of distressed properties."
"Adding First American CoreLogic ValuePoint4 Default and Property Verification Reports to the FLDI suite of settlement services provides us with a dynamic ability to offer these products separately or together to reduce our lender clients' costs ," said Tedd R. Smith, CEO of First Lenders Data, Inc.
For more information on ValuePoint4Default and Property Verification Reports, contact a FLDI client representative at 877-7-BUNDLE.
About FLDIT and First Lenders Data, Inc. (FLDI)
First Lenders Data Inc. (FLDI), is an Austin, Texas-based provider of settlement service solutions to the mortgage lending industry. FLDI offers its products and services through its proprietary Web-based platform. The company's product offerings include credit reports, flood certifications, AVMs, insured AVMs, traditional valuation products, income verification, doc prep, closing, title reports, lien reports, title insurance, mortgage insurance, recording services, and mortgage leads. Additionally, FLDI provides more progressive services, including hybrid and gap valuations, insured AVMs, alternative title products, verification of valuation of distressed properties, BPOs, and the like. The FLDI platform also enables lenders to integrate with legacy and existing front-end loan origination systems to use as a single point of contact. For more information on FLDI products and services, visit the company's web site at www.firstclose.com or call Tim Smith at 512-514-6613.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies , was formed through the merger of First American Real Estate Solutions, America's largest provider of advanced property and ownership inf or mation, analytics and services, and C or eLogic, the leading provider of residential m or tgage risk management and fraud protection technology and services. The combined companies' databases cover more than 3,000 counties, representing 99.1 percent of the United States population. With more than 600,000 users nationwide, First American CoreLogic products are used by businesses to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share. More inf or mation about First American CoreLogic can be found at www.facorelogic.com.