In California, First American Financial Corporation announced that its Mortgage Solutions group has been named a distributor of Freddie Mac's Home Value Suite.
As an approved distributor of the Home Value Suite, First American Mortgage Solutions can provide automated valuation model (AVM) services to a broad sector of the mortgage industry through direct connection with Freddie Mac. The distributor relationship also means increased reliability in model performance, an improved focus on AVM evaluation criteria, and the ability to offer Freddie Mac products directly to lenders and reseller clients, including the mortgage giant's own AVM, Home Value Explorer (HVE).
According to a company release, First American Mortgage Solutions was selected as an approved distributor based on its history as a leading reseller of several AVMs, including the HVE model. The company issues more than 2,500 HVE results each month to a variety of end users.
"First American Mortgage Solutions is committed to Freddie Mac's HVE and we are thrilled to be an approved distributor so we can provide mortgage lending customers with lower product pricing and increased certainty in their lending as they continue efforts to produce defect-free mortgages," said Kevin Wall, president of First American Mortgage Solutions.
The distributor agreement is an extension of current reseller agreements that have been in place since 2000.