LERETA PRODUCTS & SERVICES
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LERETA offers national coverage for flood hazard determinations with a better than 90% automation rate 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 / 2000 Census Tract Data (FREE with LERETA Flood Determinations, where available)
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 LERETA customers and is included on FEMA's Standard Flood Hazard Determination Form with each subject property's flood zone determination.
LERETA'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 portfolios 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 LERETA in a variety of electronic and hard copy formats, and the results can be returned in manners that best suit the customer's needs.
Flood Map Copy
LERETA has designed a custom flood determination product that includes a flood hazard assessment of a subject property plus a map of FEMA's flood zone designations. The map portion of the product includes the subject property location and identifies Special Flood Hazard Areas (i.e., 100-year flood zones), 500-year flood zones and non-flood prone areas.
This product has been determined to be helpful in flood risk assessment for insurance purposes, and can be ordered in conjunction with a standard flood hazard determination or as a stand-alone product.
FLOOD & MORTGAGE INSURANCE TRACKING
LERETA has aligned with one of the top "tracking" firms in the country to offer the Track Collateral (TC) system. TC allows LERETA's clients to move the insurance tracking and processing out of the office and into the hands of a specialized team, improving the clients' cost savings and staff availability for support in other areas.
For a FREE quote, contact your LERETA sales representative or call 866.389.3272 (ask for Sales & Marketing).
NFIP FLOOD INSURANCE
LERETA is pleased to provide two (2) insurance programs that offer FREE quotes—see below for details.
NFIP Lender Placed Flood Insurance ("Force Placed")
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.
LERETA offers a quick and efficient process to assist you in taking action:
Important Note: flood insurance is the same price from any broker when obtaining policies through the NFIP.
- Go to www.totalflood.com
- Click the "Obtain a FREE Quote" button in the center of the web page
- "Click the button for "Lender Placed Flood Insurance" and complete the simple form--within hours you will receive a FREE quote and follow-up to assist you in closing the loan quickly
NFIP Flood Insurance for Home Buyers (Borrowers)
Where do you send a borrower to obtain mandatory NFIP flood insurance? Send them to www.totalflood.com for a FREE NFIP quote. LERETA has teamed with a firm that offers NFIP policies for all participating areas in the country. Here is how it works:
- Have the borrower go to www.totalflood.com
- Click the "Obtain a FREE Quote" button in the center of the web page
- The borrower will obtain pertinent information about flood insurance and may complete a simple form to receive a FREE NFIP policy quote
- The borrower will receive the quote and personal attention to assist them in obtaining an NFIP policy
- NFIP policies are the same price from any broker. As your borrowers leverage this program, you can be assured that they are obtaining the government-based pricing for NFIP policies, and will be receiving the best possible service. LERETA knows that the sooner your borrower obtains their policy, the sooner you can close the loan.
- Flood insurance is underwritten by the federal government's National Flood Insurance Program. Policies are written by the following firms:
- American National P& C Company (A.M. Best Rating A+)
- The Hartford (A.M. Best Rating A+)
LERETA offers credit reports with scoring from three top credit bureaus: Experian, TransUnion, and Equifax—so you can close loans with confidence.
Three Tier Credit Report (optimal report - all three credit bureau databases in one report)
- Experian - TransUnion - Equifax
Two Tier Credit Report (choose from two of the credit bureau databases)
- Experian & TransUnion
- Experian & Equifax
- Equifax & TransUnion
One Tier Credit Report (select one of the top credit bureau databases)
The quality of a credit report is very important, which is why LERETA offers 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:
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. Credit scores help lenders make more effective loan decisions.
- Identifying Information—name, current and previous address, Social Security Number, telephone number, date of birth, and current and previous employers
- Credit History—retail stores, banks, finance companies and mortgage companies
- Public Records—tax liens, court judgements (including child support judgements) and bankruptcies
- Inquiries—list of credit grantors and other authorized parties who have requested a copy of the consumer's credit report
RESIDENTIAL MORTGAGE CREDIT REPORT (RMCR)
The RMCR includes results from three credit bureaus and three scores. Provide the 1003 for employment information, years married, landlord information and liabilities, and the vendor will do the rest:
. . . all for one inclusive report price!
- Verify Employment,
- Verify all listed liabilities,
- Make corrections to the report with proper documentation when instructed by the lender
Uses: Once the only report accepted for a mortgage transaction, the RMCR is now generally used in FHA loans and borrower bankruptcies.
Reason: Usually FHA. Most borrowers of FHA loans are first-time home buyers with credit issues requiring extensive research.
Bankruptcy: Because so many trade lines are affected by bankruptcy, the only economical report is the RMCR.
FANNIE MAE DESKTOP ORIGINATOR / DESKTOP UNDERWRITER
FANNIE MAE Automated System for Loan Decisions
Desktop Originator (DO) / Desktop Underwriter (DU)
DO/DU needs credit report information to operate. Clients can only use the three-bureau report for this system, however, Fannie Mae is currently considering a single-bureau option for certain types of loans (more information will become available upon approval). The credit report ordered from the LERETA system has a Fannie Mae reference number located on the top left side of the first report page. This number, referred to as the account number, is issued by the credit report vendor and will allow the three-bureau merge report to be recycled from the LERETA server into the Fannie Mae DO/DU system. This service is referred to as the Re-issued Report for Fannie Mae DO/DU.
Another alternative is available: you can go directly to the Fannie Mae DO/DU system on the web to request a three-bureau report without accessing the LERETA website. You may submit a new credit request using the LERETA-assigned account number. This report is categorized as a "new request" and carries an additional charge to the LERETA price of a three-bureau report.
AUTOMATED VALUATION MODELS (AVM'S)
The all-new Freddie Mac Home Value Explorer (HVE) is now available through LERETA. The HVE is a powerful automated valuation model and includes a confidence score, multiple model results (low, average and high estimated value) and recent sales comparable information.
The HVE is the most precise AVM available and offers true national coverage with data in well over 2,300 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!
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 biasAutomated VeroVALUE Reports include:
Speed………………………………Valuation results in less than a few seconds
Savings……………………………. Far less expensive than traditional appraisals
Predictive Technology…………… Industry leading technology to ensure accuracy
- A valuation estimate of market value for a specific residential property
- A valuation range, reflecting current market activity
- A tax assessor's indication of value, where appropriate
- Subject property information
- Comparable sales information
First American Real Estate Solutions - Solimar Valuation Technology is an intelligent valuation technology. This unique valuation process combines the results of three distinct methodologies, rationalized by a fourth:
- 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.
- 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."
- 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.
- 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.
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.
Created by Fidelity (FNIS Data Services division) the SiteXValue reports are based on information from the FNIS/LexisNexis database, the most complete and up-to-date national real property data resource in the industry. The database is compiled of tax assessor, deed and mortgage data from over 1,200 counties, representing more than 80% of the nation's property ownership records.
The SiteXValue is fast, accurate and affordable and is an excellent tool for making informed lending decisions. This reports provides a "Quick Score" of a property's value and other key information and trends. This AVM offers owner information, comparable sales detail, estimated loan-to-value ratio, flood zone information, and graphs for price trending, REOs, and market activity.
MORTGAGE LOAN REPORT
The Mortgage Loan Report (MLR) is a new product to the industry and is receiving rave reviews. This report is for Equity and Refinance loans and provides identification of the lien holders on a borrower's property and gathers credit-based information.
- Identifies property liens as currently reported on the borrower's credit report
- Identifies secured loans, credit scores and public record information (tax liens)
- Includes an affidavit at the end of the report that the consumer must read and sign (by signing, the borrower certifies that there are no other liens on the property)
- Minimum borrower credit score of 600 acceptable if used for underwriting
- The MLR is backed by an Errors & Omissions (E&O) policy for up to $500k on an equity loan or up to $1 million on a refinance
- Allows for closings in hours instead of days
APPRAISALS & MORELERETA is your e-commerce solution for all of your real estate appraisal needs. We offer nationwide coverage and all online ordering and delivery. By leveraging the leading appraisal service, LERETA offers cost-effective, fast and accurate real estate appraisals to the lending community.
Appraisals (commonly ordered)
- Residential Appraisal - URAR 1004
- FHA Appraisal
- Desktop Appraisal
- Drive-By Appraisal
- Condominium Appraisal
- Multi-Family Appraisal
- Vacant Land Appraisal
- Commercial Appraisal
- Desktop Review Appraisal
- Field Review Appraisal
- Enhanced Field Review Appraisal
Brokers Price Opinion
Appraisals (additional valuation services)
- Brokers Price Opinion
- 2055 Exterior & Interior
- 2065 Exterior & Interior
- 2070 Exterior & Interior
- 704 Interior
- Complex Property Appraisal
- Desktop Restricted
- Operating Income Statement
- REO Appraisal
- Single Family Rent
- Single Family Schedule 101
- Draw Inspections
- Final Inspection - 442f
TITLE REPORTS - PROPERTY REPORTS - DEED - CLOSING SERVICES
LERETA offers an array of reports, detailed below, which vary by state. To learn more, please contact your LERETA sales representative or call 866.389.3272 (ask for Sales and Marketing).
A variety of title services exist and are designed to help you secure your equity position in a mortgage transaction. LERETA's full line of title abstracts are insured through many of the largest title underwriters in the country and the program is offered on foreclosure searches, current owner property reports, and more. All reports include the following information:
In addition, LERETA offers customized, comprehensive packages that assist in completing and securing mortgage loans by recording mortgage instruments or deeds of trust. LERETA's deluxe packages for smaller loans for which title insurance is not required include:
- Vesting of title
- Legal description
- Current assessment records
- Mechanics liens
- Property taxes
- Current deed status of all mortgages/deeds of trust
- Federal tax liens
- Limited current-owner search
- Pickup of the mortgage instrument or deed of trust and delivery to the courthouse for recordation
- Examination of the mortgage instrument or deed of trust for completeness and accuracy prior to recordation
- Check for intervening liens and adverse conveyances to protect loan positions prior to recordation
- Bringdown report
Title Abstract Package
This package is designed for lender loans requiring title insurance and includes:
- Title abstract/commitment
- Pickup of the mortgage instrument or deed of trust and delivery to the courthouse for recordation
- A check for intervening liens and adverse conveyances to protect loan positions to recordation
- Bringdown report
- Original title policy
LERETA offers nationwide closing services with and without disbursement. Close your loan anytime and anywhere with a national expert closing agent/attorney network. You approve the loan and we take care of the rest.
Closing without Disbursement - Schedule and coordinate the closing with the borrower, sign and notarize all documents, record the mortgage and forward the loan package to the lender.
- Minutes away from a closing vendor or attorney's office
- At your borrowers home or office
- Scheduled at a convenient time for your borrower
Closing with Disbursement - Schedule and coordinate the closing with the borrower, prepare the HUD-1 Settlement Statement from lenders instructions, record the mortgage, receive the wire or deposit from the lender into an escrow account and disburse the funds per the HUD-1 Settlement Statement.
DOCUMENT PREPARATION - coming soon!
By leveraging an efficient document preparation system, LERETA offers the ability to prepare loan documents based on your closing instructions and transfer them electronically. The documents can be printed where the closing takes place to minimize delivery problems and delays. Close loans the same day by utilizing the LERETA document preparation and loan closing services.
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