California-based CoreLogic [1] has introduced a new solution for loan originations. The solution called Total Home Value for Originations AVM is the latest addition to the company's Total Home Value suite of AVMs, which already include Total Home Value for Portfolio Monitoring, Total Home Value for Risk Management, Total Home Value for Marketing, and Total Home Value for Consumers.
The Total Home Value suite of AVMs incorporates new technologies and calibrations to deliver property valuations for specific business needs. With Total Home Value, users simply choose the AVM that best fits their business case.
“Today, businesses often use an AVM that is less than optimal for their particular use case,” said Ann Regan, executive, product management, Collateral Solutions for CoreLogic. “Total Home Value addresses this challenge by taking the guesswork out of selecting the right AVM. For example, our Total Home Value for Originations solution is tuned to deliver the high reliability necessary for property valuation during the loan origination process and can be delivered with a full report, providing comparable property and other information necessary to help support the valuation. We believe it will help our clients accelerate their underwriting workflows and drive costs out.”
The new Total Home Value for Originations solution is specifically calibrated and packaged to improve efficiencies when performing property valuations during the purchase and refinance loan underwriting process. Designed with the 2010 Interagency Appraisal and Evaluation Guidelines in mind, Total Home Value for Originations can also help home equity mortgage lenders reduce their costs and enable judicious allocation of their resources for BPOs and appraisals. Mortgage lenders may also benefit from streamlined workflows and reduced time-to-close – which improves the consumer experience.