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June 28, 2004

ANAHEIM, Calif., 8 /PRNewswire-FirstCall/ -- First American Real Estate Solutions (RES®) announced the construction of an AVM platform for GMAC-RFC, the leading private issuer of mortgage-backed securities and the No. 1 warehouse lender in the United States.

The AVM platform provides access to the top AVMs in the industry, including First American RES' ValuePoint4, and allows users to benefit from powerful decision logic and filters to maximize hit rate, optimize accuracy, and further automate business processes.

"We are honored to be selected by GMAC-RFC to develop and deploy this unique technology solution," said George Livermore, president of First American RES. "GMAC-RFC has shared their future vision with us and together we have built a next generation AVM platform that will reduce risk, lower cost and compress the underwriting process to a new competitive level."

The AVM platform implemented by GMAC-RFC applies innovative analytics to collateral valuation decisioning. The AVM platform will manage the order in which automated valuation models are run based on certain criteria, which include geography, estimated value, loan amount, loan-to-value, and loan type, to name a few. In addition, GMAC-RFC will use proprietary AVM research to establish the appropriate internal use for each AVM result. Through GMAC-RFC's Assetwise(SM) loan evaluation system, AVM results will be merged with proprietary underwriting criteria to return the appropriate decision.

Source: First American RES



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