FLDI Assists Lenders with New Interagency Appraisal Guidelines

Texas-based ""First Lenders Data, Inc."":http://www.firstclose.com/about.html (FLDI), a national aggregator of mortgage settlement services, has announced the availability of ""FirstClose"":http://www.firstclose.com, a single-point dashboard that aggregates nationally recognized vendors and service providers online.

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The new solution assists mortgage lenders in complying with the new ""interagency appraisal and evaluation guidelines"":http://dsnews.comarticles/federal-reserve-and-other-agencies-release-new-appraisal-guidelines-2010-12-02 issued by federal regulators that became effective December 2010. FirstClose combines the company's existing automated valuation models (AVMs) with its Property Condition Report and AVM back-testing.

""The new interagency appraisal and evaluation guidelines are a major game changer for the entire industry, especially for those lenders using AVMs and BPOs for home equity, refinance, and second mortgages,"" said FLDI president and CEO, Tedd Smith. ""We are pleased to

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announce that FirstClose has the products and services available today to help mortgage lenders comply with the newly revised evaluation guidelines.""

The new regulations focus on risk-based appraisal reviews, AVM requirements, rigorous AVM back-testing and documentation, enhanced documentation of property condition, and valuation updates for portfolio management.

FirstClose clients can order nationally recognized AVMs and combine them with a Property Condition Report to comply with the new standards. FirstClose also offers a hybrid evaluation product called Collateral Point Level 3, which helps lenders comply with the new guidelines by including an exterior site inspection and a comprehensive approach to valuation from an ASC-certified and licensed appraiser.

FirstClose also offers propriety technology for AVM back-testing and provides a report that illustrates standard deviation and statistics by comparing AVMs to current purchase price and/or current appraised value.

""We save lenders money by leveraging the ‘buying power' of over 450 lenders currently using our system,"" said Corey Smith, FLDI's director of business development. ""This ‘buying power' enables us to obtain volume discounts, which we pass onto lenders through decreased settlement fees and closing costs. Not only will lenders enjoy these direct hard-cost savings but also benefit from soft-cost savings with increased efficiency, streamlined vendor management, and invoicing consolidation.""