Fitch to Enhance Appraisal Quality Evaluations for Mortgage-Backed Securities and Issuers; Major Rating Agency Supports CSW's CASA Engine.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 25, 2001 Fitch Inc., the international rating agency, and Cambridge-based Case Shiller Weiss Inc. ("CSW CSW Commission on the Status of Women CSW Christian Solidarity Worldwide CSW Clinical Social Worker CSW College of the Southwest (New Mexico) CSW Cambridge SoundWorks (audio manufacturer) "), the U.S. lending industry's source for high-quality home price analytics, have entered into an agreement that allows the rating agency ongoing access to CSW's CASA Ca´sa n. 1. A house or mansion. I saw that Enriquez had made no attempt to modernize the old casa, and that even the garden was left in its lawless native luxuriance. - Bret Harte. (R) engine for several purposes. CASA is one of the most widely accepted automated valuation model (AVM AVM 1 Acute viral meningitis, see there 2 Arteriovenous malformation, see there ) technologies among lenders. The rating agency will use CASA Portfolio Valuation Services for the following appraisal quality evaluation applications: -- Detecting and quantifying appraisal value risk of mortgage-backed securities (MBS) -- Targeting loan files that have high risk characteristics, including questionable appraisal values, as part of Fitch's residential mortgage originator review process -- Quality-checking original and REO sale valuations associated with individual defaulted mortgages as part of Fitch's residential mortgage servicer rating process Ken Higgins, senior director at Fitch said: "We share concerns voiced by both investors and residential appraisers that the integrity of the traditional home appraisal process is sometimes compromised. By monitoring appraisal values The appraisal value is the value of a company based on a projection of future cashflows that its owners will receive from the company's assets as well as from its current and future operations. with CSW's CASA technology, we can identify and better evaluate collateral valuation risks. "This groundbreaking initiative to implement enhanced appraisal quality evaluations will ultimately help all constituencies involved in the 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. and funding process. MBS See Mb/sec. MBS - mobile broadband services investors, mortgage originators, servicers, borrowers and appraisers should benefit from this promotion of best practices." Allan Weiss, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CSW responded: "This is a truly exciting project, and we are extremely pleased that Fitch chose CASA as the backbone for its appraisal evaluation process. Earning an assignment of this magnitude is a confirmation that our ongoing investments in R&D, quality data and infrastructure yield impressive returns." Terry Loebs, CSW's vice president of sales, marketing & customer support added: "CSW knows that Fitch's product performance and integrity standards are very high. During the Fitch testing process, it became clear that this ambitious project would require a trustworthy and flexible AVM service provider capable of producing accurate, objective automated valuations and predictive collateral scores." Higgins highlighted: "Our appraisal quality evaluation process will benefit from not only CASA's performance, but from unique product and service functionality that fits our complex application. In addition to standard CASA value estimates and collateral scoring metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. , Fitch will use CASA's safety scores, retrospective value estimates and distressed value estimates. "Our new process also requires rapid fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. of large batch orders, and production of valuation integrity analyses and exception report packages via CSW's Portfolio Valuation Services. With CASA, we have a complete and expert-supported solution." About Fitch As the international rating agency, Fitch is fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to serving capital market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. by providing the highest quality ratings and research. Fitch has a rating presence in 75 countries and 40 offices worldwide. Fitch rates 1,600 financial institutions, 1,000 corporates and maintains surveillance on 3,300 structured financings and 17,000 municipal bond ratings in the U.S. tax-exempt market. Fitch also rates more than 700 insurance companies plus 69 sovereigns. With a combined analytic, professional staff, and support of 1,100, Fitch covers the financial institutions, banks, corporates, loan products, structured finance, insurance, sovereigns and public finance markets worldwide. Fitch has dual headquarters in New York and London and is fully owned by FIMALAC, Paris. About Case, Shiller, Weiss CSW is the leading provider of automated valuation model ("AVM") services and home valuation metrics to U.S. financial institutions. CSW's analytic products leverage one of the largest and best-filtered property records databases in the country. Its research-driven approach has yielded a variety of premium-quality products and services for mortgage originators, servicers, investors and others. The company's products and services include CASA(R) and the REdex Library(TM), a suite of residential real estate indexes and related metrics, comprised of the highest-quality home price information. CSW's clients include most of the largest banking institutions in the country. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion