First American Real Estate Solutions Offers Direct Connection to Freddie Mac's Valuation Platform
January 31, 2003
MIAMI, /PRNewswire-FirstCall/ -- First American Real Estate Solutions (RES®), the nation's largest provider of property and ownership information, analytics and services, today announced at Thomson Media's 6th Annual Mortgage Technology Conference that it has successfully implemented a high speed, secured direct connection to Freddie Mac's valuation platform including Home Value Explorer(SM) (HVE(SM)) and Home Value Calibrator(SM) (Calibrator(SM)).
Customers who use HVE and Calibrator often require multiple automated valuation models (AVMs) and other online products, depending on the business rules associated with specific situations. RES' technology, based on Mortgage Industry Standards Maintenance Organization (MISMO) extensible markup language (XML) guidelines, offers a single point of access to RES and Freddie Mac products, providing a simple and more convenient alternative to establishing independent connections for multiple products.
"The combination of Freddie Mac's world-class AVM products with RES' expansive product offering meets our goal of providing all customers with technology solutions that simplify workflow processes and drive efficiency," said George Livermore, president of First American RES.
The addition of Freddie Mac's AVM technology augments RES' comprehensive line of information solutions, which includes RES' AVM, ValuePoint®4, property reports, document images, flood data and maps, legal and vesting reports, parcel maps, foreclosure information, demographics, crime and school statistics, lien release information and other solutions related to property and ownership information.
For years, mortgage professionals have relied on Freddie Mac's technology for virtually every aspect of the loan process, including risk assessment, portfolio evaluation, appraisal review and more. Now, with advantages in secured telecommunications, Freddie Mac has developed the infrastructure to support direct connections to its valuation platform.
"Working with RES allows Freddie Mac to rapidly introduce our innovations to the market and provides easier connectivity for customers," said Ingrid Beckles, vice president of Freddie Mac. "Customers will be able to obtain best-in-class collateral valuation instruments that will allow them to gain operational efficiencies and effectively manage their collateral risk."
RES' agreement with Freddie Mac enables them to establish resellers for HVE and Calibrator and allows for direct distribution to end users.
Source: The First American Corporation>