Access to low cost property valuations integrated into
credit access system
SAN DIEGO, CA (September 13, 2003) – 1 Source Data,
a credit reporting agency that provides technology and services
to the financial lending industry, announced today that
it has integrated Quick Value AVM Services into its Funding
Tools Software Suite. Providing retail and wholesale lenders
with instant web based property appraisals, the two Quick
Value modules offer busy mortgage lenders an opportunity
to cost-effectively conduct and audit collateral valuations,
just by entering a property address.
Value Comp is a comprehensive property report that includes
a property valuation with confidence scores; sales history
and analysis to detect abnormal sales activity or “flipping”;
recent comparable neighborhood sales information (comps);
market and area price trend information; and, a 12-month
value forecast. Quick Comp, the most cost effective solution
available, instantly provides property values and neighborhood
comps. Both modules are fully integrated with 1 Source Data’s
Funding Tools, so property values are conveniently integrated
into the borrower's file.
“Driving down the cost of collateral valuation benefits
both the borrower and the lender,” said John Merrill,
1 Source Data’s President. “When refinancing a
home, funding may be delayed by 7-10 days while everyone
waits on the appraisal. Since the accuracy is so high, many
lenders can accept either Value Comp or Quick Comp, meaning
our AVM reports lower the consumer’s
out of pocket costs and gets them funded faster. Ultimately,
it helps our clients provide even better service to their
borrowers and ideally gives them a richer referral business.”
About 1 Source Data
Headquartered in San Diego, California, 1
Source Data is a leading provider of integrated technology
and service solutions for the financial lending industry.
Crediting reporting technology solutions include Origination
Tools, an integrated Internet-based platform to support
fast, accurate credit decisions; Virtual Loan Agent, an
Internet-based credit decision making tool for automatic
consumer finance loan approval and Credit Analyzer, simulation
software to help lenders improve consumer credit scores.
Service offerings include quickly removing erroneous credit
information from borrower files, income
verification for self-employed borrowers and same-day
trade line verifications. 1 Source Data’s crediting
reporting technology handles more than 800,000 new borrower
files a month and is used by hundreds of lenders
across the nation.
View/print
more information on 1 Source Data’s Quick Value
AVM Services [pdf]
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