Products Available Include:

 

CREDIT REPORTS AND RELATED

The quality of a credit report is very important, which is why we offer access to the three main credit reporting agencies to assist in faster and more efficient loan decisions. Here are some additional facts about the Experian, TransUnion, and Equifax credit reports:

Credit Reports contain four (4) standard types of information:

1. Identifying Information-name, current and previous address, Social Security Number, telephone number, date of birth, and current and previous employers.
   
2. Credit History-retail stores, banks, finance companies and mortgage companies.
   
3. Public Records-tax liens, court judgments (including child support judgments) and bankruptcies.
   
4. Inquiries-list of credit grantors and other authorized parties who have requested a copy of the consumer's credit report.

Credit reports can be obtained from one, two, or all three bureaus. When selecting more than one bureau for your credit report, the comprehensive credit information will be obtained from those bureaus selected and merged into one report. Information provided within a credit report is maintained and updated on a daily basis by all three credit bureaus.

Each bureau maintains a national file of public record information and accounts receivable data from national, regional and local credit grantors. Credit reports are ordered and delivered online, all within minutes. Credit scoring models are summarized versions of credit reports that assign "scores" based on the likelihood of specific predicted outcomes.

Additional features include:

• Seamless Integration into Loan Origination Software (LOS)
  
• Merge/Unmerge Borrowers and Bureaus - no need to pull another infile report
  
• Online Trade Supplements with quick response
  
• Supports industry scoring models, fraud detection, address variations, public records, trade summary, etc.
  
• Fannie Mae (FNMA) Re-issue access
  

 

AUTOMATED VALUATIONS

• Freddie Mac - Home Value Explorer (HVE)

  The HVE is the most precise AVM available and offers true national coverage with data in over 2,500 counties. The HVE actually encompasses several models rolled into a single product, for one low cost. When you use the HVE you benefit from Freddie Mac's Combining Process, which is a unique proprietary algorithm that blends multiple model estimates returned by the Repeat Sales model and the Hedonic model. This process is able to provide a more accurate estimate than either model would on its own.

  With the latest enhancements, Freddie Mac's Home Value Explorer continues to be the most efficient and effective tool available to value residential property. And you will be using the same market value estimation tool that Freddie Mac uses every day!

• ValuePoint4 by First American

  The ValuePoint4 is the industry standard in automated valuation. This forth-generation technology delivers risk-mitigation confidence scoring to you in combination with superior coverage. Multiple valuation methodologies are simultaneously leveraged, and each is weighed against a proprietary model selecting the best approach and conclusion given the attributes of the subject property and immediate data environment. ValuePoint4 assures you of accurate, objective and reliable results.

• CASA by Fiserv

  Case-Shiller Weiss's CASA AVM - Eight of the nation's top ten banks rely on CASA® to deliver fast, statistically accurate home valuations. These leading institutions, and many others, trust CASA for applications that include appraisal substitution, collateral scoring, customer retention, appraisal QC, direct marketing, collections and loss mitigation, portfolio due diligence and more.

  CASA leverages a very large, meticulously filtered property records database and multiple, market-specific analytic approaches to estimate current market values for individual residential properties. While the algorithms that comprise this unique system use several inputs that an appraiser does - for example, comparable sales, home characteristics and time adjustments - CASA does not emulate the traditional appraisal process. Rather, CASA is engineered and continuously calibrated to be the optimal, fully-automated property valuation solution for meeting lenders' rapidly evolving needs.

  Unlike most AVMs, the CASA system calculates property value estimates in real-time. This processing technique - which still renders CASA value estimates in seconds - serves to further enhance the accuracy, hit rate and safety of the service for our lender customers.

• Home Price Analyzer (HPA) by First American Real Estate Solutions

  Powered by MortgageRisk Technology, the HPA is the industry-standard, index-based AVM. The HPA uses the repeat sales methodology to arrive at residential property valuations. It searches indexes constructed from over 200 million historical sales records and 100 million properties. It then performs three different calculations that include details on proximal properties and cost per square foot per geographic area to arrive at a current market valuation.

• PASS by First American Real Estate Solutions

  Pass powered by Solimar Valuation Technology is an intelligent valuation technology. This unique valuation process combines the results of three distinct methodologies, rationalized by a fourth:

  1. Appraisal Emulation/Expert System - With this approach, Solimar values the property using generally accepted residential appraisal principals (from USPAP) and the theory of substitution as the guidelines to make adjustments to "similar sales." This valuation method is most effective when there is a great deal of physical characteristic information in the public record data source.

  2. Multi-variant Statistical Correlation - This valuation method seeks to relate the statistical relationship among independent variables like lot size, assessed value, and year built, to the dependent variable of sale price or "home value."

  3. Conformal Mapping and Price-time Indexing - In this valuation approach, indexes of home price appreciation are built for the subject property and its immediate environment based on analysis of recent sales over the past three years. This valuation method is particularly useful in making sales that occurred over six months ago relevant to the valuation analysis, since the historical sales price can be indexed to the current level based upon recent, local sales activity.

  4. Solimar's Neural Controller - This is a complex, proprietary set of algorithms that "weights" the results of the valuation engines for the determination of the subject property value and the resultant value range. With each valuation, the neural controller determines which valuation methodology to place greater reliance upon, based on the quality and quantity of characteristic data that went into the analysis. Neural technology normalizes the equation to arrive consistently at the best estimate of value through individual property evaluation. Each valuation is graded on a scale of 0 to 100 by the process, resulting in a confidence score to measure neighborhood conformity.

• VeroVALUE by Veros

  VeroVALUE (Veros) is a state-of-the-art automated valuation model (AVM) used for residential property valuation. Veros has combined the reliability of real estate fundamentals with the power of their proprietary advanced predictive technologies resulting in highly accurate valuations. VeroVALUE saves you time and money!

  So why use VeroVALUE Software?

  Accuracy	Industry leading precision without human bias
  Speed	Valuation results in less than a few seconds
  Savings	Far less expensive than traditional appraisals
  Predictive Technology	Industry leading technology to ensure accuracy

  
  Automated VeroVALUE Reports include:

  A valuation estimate of market value for a specific residential property, a valuation range, reflecting current market activity, the tax assessor's indication of value, where appropriate, subject property information and comparable sales information.

• ValueWizard by Banton Technology

  ValueWizard utilizes a combination of an enhanced Automation Valuation Model, personal interaction and integrated mapping software technology to attain higher success rates. Currently, seven of the fourteen largest financial institutions nationwide us ValueWizard in their loan decision process. Banton collects public record data through the Property Review Report and employs proprietary geo-statistical analyses to return highly accurate property valuations.

 

FLOOD DETERMINATIONS - Basic and Life-of-Loan

LandAmerica Lender Services offers national coverage for flood hazard determinations with a better than 90% automation rate, an accuracy rate of 99.996% and a superior manual determination process. Comprehensive flood determination services are offered for federally regulated lender compliance with the National Flood Insurance Reform Act of 1994.

• Basic Flood Determinations

  Fully guaranteed property flood hazard determination, including flood zone, flood status, NFIP coverage availability and census tract data.

• Life-of-Loan Flood Determinations

  Basic flood determination plus tracking for the life of the loan for changes to flood status and NFIP community status due to FEMA flood map/community status updates. This product is fully transferable.

• HMDA / Census Tract Data (FREE with LandAmerica Lender Services Flood Determinations)

  Metropolitan Area (MA) and Census Tract information provided for lender compliance with the Home Mortgage Disclosure Act [HMDA], which requires federally regulated lending institutions to report public loan data. This information is provided free of charge for LandAmerica Lender Services customers and is included on FEMA's Standard Flood Hazard Determination Form with each subject property's flood zone determination.

  LandAmerica Lender Services's census tract information is in full compliance with the Federal Financial Institutions Examination Council's [FFIEC] directive, utilizing 2000 census data. More information on HMDA reporting may be obtained at www.ffiec.gov.

• Portfolio Compliance Services (Monitoring and Tracking)

  Review of complete loan portfolio that includes basic flood hazard determinations for each property plus Life of Loan tracking and updates for properties affected by FEMA flood map revisions. Portfolio data can be submitted to LandAmerica Lender Services in a variety of electronic and hard copy formats, and the results can be returned in manners that best suit the customer's needs.

"IN" A FLOOD ZONE - NFIP Flood Insurance Quote

• NFIP Flood Insurance Quote (for the borrower or your loan processor to secure Flood Insurance)

  When the subject property is "in" a flood zone your loan processor will be contacted and provided with a FREE NFIP Flood Insurance quote. NFIP Flood Insurance is the same price from any insurance broker. This FREE service is offered as a "value-add" to assist in closing your loans.

• Lender Placed NFIP Flood Insurance

  Lenders frequently encounter situations in which the placement of NFIP flood insurance policies is mandatory, commonly referred to as "Lender Placed" or "Force Placed" flood insurance and you need to purchase the NFIP Flood Insurance on behalf of the borrower or during the life of the loan the property is deemed to be "in" a flood zone and to mitigate any potential loss NFIP Flood Insurance is purchased on behalf of the home owner.

• Borrower NFIP Flood Insurance

  Where do you send a borrower to obtain mandatory NFIP flood insurance? A FREE NFIP Flood Insurance quote will be provided informing the borrower the cost of flood insurance and to assist the lender with closing the loan.

 

APPRAISAL SERVICES

Nationwide Appraisal and Title Services Corporation is an appraisal management company who provides services in all fifty states. They manage the entire appraisal process from order entry and tracking to quality review and final delivery. The workflow they have developed will help move your order through the appraisal process both quickly and efficiently so you don't have to worry. By outsourcing your appraisal work to Nationwide, you can create efficiencies in the work process that allow you to concentrate on other core tasks. Our focus on quality and service will ensure that all of your requirements are met with speed and consistency.

ORDER PROCESS

Once an order is entered into our system, our Appraisal Operations Teams begin the task of assigning the order to one of our highly qualified local appraisers. Nationwide maintains a network of over 15,000 appraisers and over 6,000 brokers/agents who have proven their ability, dependability, and quality of their work. All of our appraisers must have at least 3 years of appraisal experience and a current state license or state certification.

After the selected appraiser confirms receipt of the appraisal assignment, our Appraisal Operations Teams will continue to track the order until we receive the completed final report. This may include, but is not limited to status checks with the appraiser, appointment scheduling and assistance wherever necessary.

QUALITY CONTROL

Once Nationwide receives the verbal/final report, it is forwarded directly to our Quality Control Department. Nationwide's Quality Control Department conducts an administrative review of each appraisal report, checking for compliance with Federal and State regulations, mandated guidelines from Fannie Mae, Freddie Mac, and USPAP, and specific order instructions provided by the client. Nationwide's Quality Control Department works directly with the appraiser to ensure each assignment is completed with internal consistency, industry accepted appraisal methods, and a logical value conclusion. Any errors or concerns are quickly brought to the appraiser's attention for prompt resolution.

SINGLE FAMILY RESIDENTIAL

• FNMA 1004 - FULL
• FNMA 1004 - FHA
• FNMA 1073 - CONDOMINIUM

RESIDIENTIAL INCOME PROPERTIES

• FNMA 1025 2-4 UNITS + OPERATING INCOME STATEMENTAND RENT SCHEDULE

QUALITY CONTROL REVIEWS

• FNMA 2000 + THRIEE COMPS (ENHANCED FIELD)
• HUD 1038 - FHA
• DESKTOP REVIEW (IN HOUSE)
• DESKTOP REVIEW (IN FIELD) + THREE COMPS (ENHANCED DESKTOP FIELD)

FORECLOSURE APPRAISALS

• FNMA 1004 + REO ADDENDUM
• FNMA 1025 + REO ADDENDUM (2-4 units)

BROKER PRICE OPINION / COMPARATIVE MARKET ANALYSIS

FIELD SERVICES/ASSET MANAGEMENT

• OCCUPANCY CHECK
• RE-KEY/SECURE PROPERTY
• PROPERTY PRESERVATION
• WINTERIZATION
• LISTING

OTHER

• 48 HOUR PHOTO
• PLANS AND SPECS
• LAND ONLY
• MOBILE HOME
• FINAL INSPECTION
• OPERATING INCOME STATEMENT
• RENT SCHEDULE
• UPDATE TO AN APPRAISAL

DESKTOP VALUATIONS

• DESKTOP BPO
• DESKTOP APPRAISAL

INSURED VALUATIONS (choose coverage level $50K, $100K, $150K, $200K or $250K)

• DESKTOP APPRAISAL
• BPO - EXT
• BPO - INT
• FNMA 1004 FULL APPRAISAL
• FNMA 1073 CONDOMINIUM APPRAISAL
• FNMA 1025 MULTIFAMILY APPRAISAL
• FNMA 2055 INTERIOR APPRAISAL
• FNMA 2055 EXTERIOR APPRAISAL (Client must sign service agreement prior to ordering)

 

TITLE, PROPERTY REPORTS AND CLOSING SERVICES

Nationwide Appraisal and Title Services recognizes the importance of the closing process and understands we are an extension and direct representative of our client during document execution. Our closing product consists of the following inclusive services for full signings:

Title Clearance

Once the preliminary title abstract of the property is prepared and delivered to our client, Nationwide's dedicated Title Clearance Team will begin addressing any and all clouds that will affect our client's desired lien position. Included during this process are, but not limited to, the following:

• Obtaining and verifying real estate tax information.
• Order mortgage payoff statements.
• Order payoffs for any judgments and/or liens which affect borrower or subject property.
• Preparing new conveyance if needed.

Appointment Services

Once the loan has been approved, our client should contact Nationwide Appraisal & Title Services Corp. to place an appointment request. Requests can be made via fax or e-mail to a designated e-mail address. Once the request has been received, Nationwide's Appointment Team will schedule the signing with one of our Closing Agents at a location convenient to the borrower. Nationwide Appraisal & Title Services Corp. has an extensive network of professional Closing Agents who are both courteous and experienced in mortgage document execution.

Document Preparation & Delivery

Once the loan has been scheduled, our client is requested to forward both the lending instructions and loan package to Nationwide Appraisal & Title Services Document Prep Team. Once received, our Document Prep Team will move forward with the preparation of the HUD-1 Settlement Statement. A preliminary HUD-1 will then be forwarded to our client, via fax or e-mail, for approval. The approved HUD-1 along with the loan documents will be sent to our Closing Agent 24 hours prior to the scheduled appointment for review. In addition, the Closing Agent will inform the borrower of what will be needed at the time of signing, for example proper identification, funds to close (if required) and any other specific requirements our client may have or need.

Post Closing & Quality Control

Once all mortgage documents have been executed, a Nationwide Agent will then overnight the loan package including the signed HUD-1 Settlement Statement to Nationwide Appraisal & Title Services Corp. for quality review. Our Document Quality Control Team will review the package to ensure all signatures have been obtained and all necessary requirements have been met. Our goal is to return to our client an error-free loan package 48 hours after the signing appointment. If any errors were detected during our review process, Nationwide Appraisal & Title Services Corp. will take the steps necessary to correct those errors.

Funding & Mortgage Recordation Services

At expiration of the rescission period, Nationwide Appraisal & Title Services Corp. will issue checks to all appropriate parties and in conjunction with the final HUD-1 Settlement Statement. In addition, Nationwide Appraisal & Title Services Corp. will forward all instruments along with the necessary fees and payments to the appropriate County Recorder's Office for presentation and recordation.

Nationwide Appraisal & Title Services Corp. will then follow up for the recording data to be used in the issuance of the Final Title Policy to be forwarded to our client.