FirstClose(TM) Announces AVM Back-Testing Solution Called ValueTest(TM).AUSTIN, Texas -- FirstClose, a service of First Lenders Data, Inc. (FLDI FLDI First Lenders Data Inc ), an Austin, Texas-based provider of bundled mortgage settlement services, announced today that it has developed a comprehensive approach to back-testing Automated Valuation Models (AVMs), entitled ValueTest(TM). The ValueTest(TM) program is designed to help lenders satisfy recent regulations and guidelines from Fannie Mae Fannie Mae: see Federal National Mortgage Association. , Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , the OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). , the NCUA NCUA National Credit Union Administration (US government) NCUA Nbcs Control Unit Atm , and other regulatory bodies that have imposed requirements or guidelines on lenders to "back test" AVMs regarding their accuracy. Utilizing a vast array of the mortgage industries top AVM AVM 1 Acute viral meningitis, see there 2 Arteriovenous malformation, see there companies and collateral risk assessment tools, ValueTest(TM) provides lenders with a simple, easy, and inexpensive way to satisfy regulatory requirements. "We are excited about offering an inexpensive, yet comprehensive solution to our mortgage lending customers to help them satisfy regulatory requirements," said Tedd R. Smith, Chief Executive Officer of First Lenders Data, Inc. "Back Testing back testing Using historical data to determine the relationship of specific variables. For example, a researcher might use historical data to determine if changes in the money supply have influenced changes in stock prices. AVMs has been an ongoing concern of our customers since regulatory inception and no one seems to be able to provide a safe and inexpensive solution until now." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fannie Mae's Perspective on Automated Valuation Models (AVMs), "It is critical that users of AVMs design an appropriate use and implementation strategy that considers the overall credit risk of the loan and reflects the specific strengths and weaknesses of the particular AVMs they use, particularly the property data supporting those products." The ValueTest(TM) program works well for any mortgage lender offering both first and second mortgage loans. As part of quality control checks and balances, the ValueTest(TM) program can be custom designed to fit any lenders needs and requirements. About FirstClose[TM] and First Lenders Data, Inc. (FLDI) FirstClose[TM], a service of First Lenders Data Inc. (FLDI), is an Austin, Texas-based provider of settlement service solutions to the mortgage lending industry. FirstClose offers its products and services through its proprietary Web-based FirstClose platform. The company's product offerings include credit reports, flood certifications, AVMs, insured AVMs, traditional valuation products, income verification, doc prep, closing, title reports, lien reports, title insurance, mortgage insurance, recording services, flip/fraud detection services, mortgage leads, and AVM back testing solutions. Additionally, FirstClose provides more progressive services, including alternatives to title report products such as Equiguard, Mortgage Loan Reports, and Fidelity's HELP and AQUA products. The FirstClose platform also enables lenders to integrate with legacy and existing front-end loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. systems to use as a single point of contact. For more information on FirstClose products and services, visit the company's web site at www.firstclose.com or call 1-877-677-3282. |
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