First American Mortgage Solutions have announced the launch of equiRisk for home equity originations. According to First American, this “unique and user-friendly” data information report optimizes First American’s proprietary data assets to help lenders reduce risk, stay compliant, and accelerate closing to improve the borrower experience.
equiRisk combines ownership, real estate tax, open voluntary and involuntary lien data and vesting deed documents. Unlike traditional property reports, equiRisk also pulls from multiple proprietary and third-party data sources to create a comprehensive borrower profile and risk assessment within a single, consolidated structure to create process efficiencies and reduce origination costs. This innovative offering is part of the company’s equiSolutions suite of products covering the home equity mortgage lifecycle, from prospecting and origination to post-closing and portfolio management.
“By levering the most complete and accurate information, underpinned by First American’s unmatched data, equiRisk enables lenders to maximize business opportunities and minimize risk like no property report can,” said Kevin Wall, President of First American Mortgage Solutions.
quiRisk offers an at-a-glance analysis summary that calls out potential higher risk data and provides hyperlinks directly to the report section for deeper review. The report presents information associated with a borrower, including property type, listing status, homeowner association data, other owned properties, identity/SSN discrepancies, and Watchlist and FEMA checks, alleviating the need for additional research or inquiries to the borrower and helping lenders reach quicker decisions.
First American Mortgage Solutions, together with First American’s broader capabilities, serves as a single source for title and settlement, data and analytics, fraud and verification, regulatory compliance, valuation and collateral risk, quality control, fulfillment services, and default services. More information about First American Mortgage Solutions can be found at https://www.firstam.com/mortgagesolutions.