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.
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| 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 |
| Words: | 178 |
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