Printer Friendly

First Lenders relaunches 'History Pro'. (Technology Update).

First Lenders Data, Inc. announced the re-launching of its anti-flip and fraud protection service. To assist lenders with the new HUD regulations on predatory lending caused by property "flipping", FLDI has re-launched "HistoryPro" to better serve its mortgage lending customers and to assist them with compliance.

On May 1, the Department of Housing and Urban Development printed its final rule of FR-4615 (Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs) in the Federal Register, setting several new guidelines for mortgage lenders, including making recently flipped properties ineligible for FHA mortgage insurance. It also allows the FHA to better manage its insurance risk by requiring additional support for a property's value when a significant increase between sales occurs. Lenders must comply with the new regulations beginning June 2.

FLDI's product, "HistoryPro," is considered one of the most powerful fraud and "flip" detection tools on the market to date. This instantaneous report provides sales information for both subject and surrounding sales comparables, with a summary "T score" that helps quickly identify a possible declining or "flip" market.
COPYRIGHT 2003 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Department of Housing and Urban Development new rule
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 25, 2003
Previous Article:GVA expands into South Asia. (Technology Update).
Next Article:3 Mack-Cali buildings receive industry awards. (New Jersey).

Related Articles
Court: Lenders get first lien on defaulting condos.
NY Urban offers new applications for HUD financing.
40 acres and a mall.
City's housing, retail programs are recognized by HUD.
Participating Lender marathon ends with 10 loans closed.
Answers released to frequently asked questions about new HMDA data.
ARM yourself with real estate's abbreviations.
Celebrating victories: the NAA/NMHC joint legislative program reports on its major legislative and regulatory accomplishments from 2005.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters