- Credit Reports
- Flood Certifications
- AVMs
- AVM Backtesting
- Property Condition Reports
- Desktop Valuations
- Drive-by & Full Appraisal
- Title/O&E Reports
- Lien Protection Insurance
- Income Verification
- Document Preparation
- Title, Closing, & Recording
- Tax Tracking
- Solutions to Appraisal Guidelines
An automated valuation model (AVM) may be the best economic choice depending on the loan. Our AVMs are delivered in real time, no waiting means you can review and close loans faster. We offer a wide variety of the industry’s top AVM vendors with an advanced, flexible cascading order option. With top AVM vendors to choose from, we help ensure the widest footprint of coverage available in the industry, all at competitive prices.
On December 10, 2010, five federal banking agencies, the OCC, FRB, FDIC, OTS and NCUA, issued their revision to the Interagency Appraisal and Evaluation Guidelines. The revised guidelines became effective immediately. One of the most important aspects is that AVMs can no longer be used on home equity and second mortgages without a property condition report and extensive back-testing. FirstClose offers lenders simple, cost effective, and comprehensive solutions. Learn more below.
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Standard AVM ModelsOur suite of vendors offers the greatest geographic coverage, hit rate and accuracy in the industry. Our system also offers the flexibility to change vendors in the cascade order quickly and easily. Choices include:
• Freddie Mac - Home Value Explorer® (HVE)
• LPS - ValueSure
• Fiserv - CASA
• CoreLogic - GEO AVM (Cascade)
• CoreLogic - HPA
• CoreLogic - ValuePoint4
• CoreLogic - PowerBASE 6.0 (thru GEO AVM cascade only)
• CoreLogic - PASS
• MDA Lending Solutions - ValueWizard
• Veros - VeroValue
• AVMax
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Property Condition Report - NEW!With our Property Condition Report you can satisfy Interagency Appraisal and Evaluation Guidelines in an average of two business days. The guidelines state, "An institution may not rely solely on the results of an AVM to develop an evaluation unless the resulting evaluation is consistent with safe and sound banking practices and these Guidelines...to be consistent with the standards for an evaluation, the results of an AVM would need to address a property's actual physical condition."(i)
Within the FirstClose platform, you can order a quality property condition report from our nationwide network of professional real estate experts. With the FirstClose Property Condition Report, you receive the following:
• Physical Condition of the Subject Property
• Overall Marketability
• Neighborhood Influences
• Exterior Property Photo
• Map Location
• Coverage in all 50 States
SAMPLE Property Condition Report -
ValueTest - AVM Back-Testing
The FirstClose ValueTest is a comprehensive approach to testing and validating property data supporting Automated Valuation Models. It is designed to help lenders satisfy the Interagency Appraisal and Evaluation Guidelines.
The guidelines state, "An institution should establish standards and procedures for independent and ongoing monitoring and model validation, including the testing of multiple AVMs, to ensure that results are credible."(ii)
Compares multiple AVMs and mimics 2nd mortgage AVM ordering methods, including Cascading AVMs. Compares AVMs to current purchase prices & current appraised values. Additional Flip/Fraud protection tools available, such as Loan IQ and History Pro.
ValueTest monthly reports provide:
• Standard deviations & statistics relating AVMs to Current Purchase Prices.
• Standard deviations & statistics relating AVMs to Current Appraised Values.
• Enables lenders to QC first mortgage appraisals and pass legitimate fees onto first mortgage borrowers.
SAMPLE ValueTest Report -
Guaranteed AVMsWithin the FirstClose platform, not only can you order and receive the top AVMs the industry has to offer, you can also insure any of the AVMs against potential losses. Backed by a professional A rated Errors & Omissions insurance policy, FirstClose provides additional protection to lenders in order to compliment the speed and economy of an AVM…enabling risk mitigation and speed to co-exist.
