First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced its Mortgage Solutions group1 is now a distributor of Freddie Mac's Home Value Suite. The Home Value Suite is a defined set of valuation modeling tools that automate, streamline and drive down the cost of collateral valuation in the housing market. Freddie Mac (OTCQB: FMCC) is one of the nation's largest investors in residential mortgages.
First American Mortgage Solutions was named as an approved distributor based on the company's long-standing history as a leading reseller of several Automated Valuation Models (AVMs) - specifically Freddie Mac's AVM, Home Value Explorer® (HVE®) – to lenders, servicers and investors. The distributor arrangement is an extension of the current reseller agreements in place since 2000.
"First American Mortgage Solutions is committed to Freddie Mac's HVE and we are thrilled to be an approved distributor so we can provide mortgage lending customers with lower product pricing and increased certainty in their lending as they continue efforts to produce defect-free mortgages," said Kevin Wall, president of First American Mortgage Solutions.
As an approved distributor of the Home Value Suite, First American Mortgage Solutions provides AVM services to a broad sector of the mortgage industry via direct connection with Freddie Mac. This distributor relationship also provides increased reliability in model performance due to direct connections, an improved focus on AVM evaluation criteria, and the ability to offer Freddie Mac products, including both HVE and Calibrator, directly to lenders and reseller clients.
First American Mortgage Solutions issues more than 2,500 HVE results per month to a variety of end users, and its strong reseller activity helped the company become one of Freddie Mac's select group of AVM distributors.
About First American Mortgage Solutions
First American's Mortgage Solutions group is guided by our pursuit of certainty in lending and strengthened by the nation's largest repository of 5.3+ billion land records. We deliver collaborative and customizable data, analytic, valuation, title, settlement, and quality control solutions for loan origination and servicing. More information about the company can be found at 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 revenues of $5.0 billion in 2013, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at http://www.firstam.com/.
1 Products and services referred to herein are provided by FA Business Services, LLC.