—Early success metrics demonstrate a notable decrease in turn
times with no degradation in quality—
SANTA ANA, Calif.--(BUSINESS WIRE)--
First
American Mortgage Solutions, LLC, a part of the First American
family of companies, today reported initial field results after months
of testing its “smart” valuation offering, which seamlessly integrates
big data, mobile technology and reconfigured workflows to enhance the
historically manual labor-intensive appraisal process. Early metrics
demonstrate a 16 to 20 percent reduction in appraisal turn times, along
with improvements in quality, and ongoing turn time reduction is
expected. The early results represent a needed paradigm shift by
delivering faster, higher quality and more cost-efficient valuations.
Streamlining the appraisal process further demonstrates First American’s
ongoing commitment to improve the lender and consumer experience. A
leader in analytics and data-driven processes and tools, First American
has invested heavily in developing a valuation solution that will help
facilitate a faster closing. Leveraging its enterprise-wide assets and
technological expertise, the company has developed a collaborative
process fueled by data and analytics that connects a mobile workforce
with cloud-based technology to drive speed, cost reduction and quality.
“Moving from loan application to close faster is a long-awaited
evolution being fueled by access to better data and technology, which
allows us to rethink traditional workflows and processes,” said Kevin
Wall, president of First American Mortgage Solutions. “This has been a
major aspiration for us, along with the entire mortgage industry, and
we’re excited to be at the forefront of game-changing progress.”
Speaking to the industry-wide effort, Wall pointed to comments from
investors that speeding up the appraisal process can help significantly
improve efficiencies and perhaps reduce some of the fixed costs,
particularly in some larger housing markets where appraiser turnaround
times can be months.
First American’s “Smart” Valuations Combine Proprietary Software,
Data and ACI Sky™ Technology
First American is levering its proprietary software and data to help
with appraiser selection and optimization. The company is also levering
its nationwide, industry-leading position in property data to assist the
appraiser in both research and reference data. Finally, using ACI Sky™
technology, it is moving the back-end quality control process to in-line
quality assurance, infused with data validation at every step.
“Smarter valuations are achievable because of the incredible assets
amassed by First American, specifically data, technology and industry
expertise. We are continuing to invest in every area of the mortgage
continuum where we see an opportunity to lever our assets to improve
quality and consumer experience. We have the ability to transform weeks
into days, while empowering appraisers to best utilize their talents and
skills,” added Wall.
First American has a unique blend of staff and network appraisers, a
leading appraisal technology platform through ACI
Sky™, and First American’s proprietary analytics.
For more information, visit here
or see a demonstration of smart valuation products at First American
Data & Mortgage Solutions’ hospitality suite in the Denver Convention
Center, Second Floor, Room 201, during the MBA’s Annual Convention &
Expo, October 22-25, 2017.
About First American Mortgage Solutions
First American Mortgage Solutions, a part of the First American
family of companies, provides comprehensive solutions for residential
lenders and servicers covering the entire loan spectrum. First American
Mortgage Solutions, together with First American’s broader capabilities,
serves as a single source for title and settlement, data and analytics,
fraud and verification, regulatory compliance, valuation and collateral
risk, quality control, fulfillment services, and default services. More
information about First American Mortgage Solutions can be found at https://www.firstam.com/mortgagesolutions.
About First American
First American Financial Corporation (NYSE: FAF) is a leading
provider of title insurance, settlement services and risk solutions for
real estate transactions that traces its heritage back to 1889. First
American also provides title plant management services; title and other
real property records and images; valuation products and services; home
warranty products; property and casualty insurance; and banking, trust
and investment advisory services. With total revenue of $5.6 billion in
2016, the company offers its products and services directly and through
its agents throughout the United States and abroad. In 2016 and again in
2017, First American was named to the Fortune 100 Best Companies to Work
For® list. More information about the company can be found at www.firstam.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171018005344/en/
Source: First American Financial Corporation