| According to Fannie Mae's Perspective on Automated Valuation Models (AVMs), "It is critical that users of AVMs design an appropriate use and implementation strategy that considers the overall credit risk of the loan and reflects the specific strengths and weaknesses of the particular AVMs they use, particularly the property data supporting those products."
The FirstClose ValueTest Program is a comprehensive approach to testing and validating property data supporting Automated Valuation Models. It is designed to help lenders satisfy guidelines imposed by Fannie Mae, the OCC, the NCUA, and other regulatory bodies.
ValueTest provides lenders with a simple, easy, and inexpensive way to satisfy regulatory requirements and works well for any mortgage lender offering both first and second mortgage loans. As part of quality control checks and balances, the ValueTest program can be custom designed to fit any lenders needs and requirements. |
When compliance matters,you need affordable solutions that make sense...
...Stay on Target with ValueTest™
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Benefits of ValueTest
Compares multiple AVMs and mimics 2nd mortgage AVM ordering methods, including Cascading AVMs
Compares AVMs to current purchase prices & current appraised values
Utilizes the top AVMs in the market including, but not limited to;
- HVE by Freddie Mac
- ValuePoint 4 by First American
- HPA by First American
- Pass by First American
- ValueSure by Fidelity
- CASA by Fiserv
- FirstValue by FLDI
- VeroValue by Veros
Additional Flip/Fraud protection tools available, such as
Loan IQ and History Pro
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
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