First American eAppraiseIT, a provider of real estate valuation products and services, has introduced Data Assist, a new valuation tool for lenders and servicers that need quick, low-cost, accurate values for credit decisions, loss mitigation, portfolio analysis and quality assurance.
Data Assist is a faster and less expensive alternative to a traditional appraisal, the company says. The standard Data Assist report verifies a property's legal address and ownership and includes three closed-sale comparables from the subject property's market area. For a more comprehensive analysis, Data Assist with Listings offers the same information, plus three current listings that are similar to the subject property.
‘Over the past several years, lenders have used AVMs as the sole valuation tool for home equity loans,’ notes Michael Fosser, senior vice president of business development for First American eAppraiseIT. ‘Many lenders are now looking for more alternatives. Data Assist can provide a high level of confidence without adding significant cost or delay to these transactions.’