HOUSTON (Feb. 26, 2004) - Stewart Mortgage Information (SMI) has announced a national solution for lenders ordering automated valuation products (AVM), broker price opinions (BPO), "drive-by" appraisals and full Uniform Residential Appraisal Reports (URAR) with a Warranty of Accuracy, through its new product named SAVE, or Stewart Assured Valuation Estimate.
The SAVE product allows a lender to purchase warranty coverage for an AVM or appraisal product ordered via SMI. SMI's proprietary ValuLogix™ platform allows a lender to utilize various AVM models based on certain loan and underwriting criteria. If the selected AVM does not meet the value or other criteria of the customer, customers can then step up to a BPO, drive-by or full URAR.
SAVE protects a lender against loss by warranting the accuracy of the property valuation as of the date of the AVM or other appraisal product and is transferable to a lender's successors or assigns.
"The SAVE product provides an even greater incentive for lenders to save money by utilizing AVMs and other alternative appraisal products," said Kevin Gugenheim, SMI president and chief operating officer. "Lenders can now obtain a much more cost-effective appraisal product without taking on the risk of loss in a foreclosure due to inaccurate valuations."
The SAVE product is available for both first and second lien mortgages originations and it can be used on all transaction types such as purchase, rate/term and cash-out refinances. Property types covered include owner-occupied one-to-four-family properties, single unit second homes, and one-to-four-family investment properties within the United States. Lenders have the ability to choose the level of coverage for the warranty based on their risk tolerance or compliance guidelines, with coverage limits ranging from $50,000 to $250,000.
For more information on SAVE or any other SMI products, call (888) SMI-4415, e-mail firstname.lastname@example.org or visit http://smi.stewart.com. All of SMI's products and services are also available through Stewart Title affiliated and independent agents.
Stewart Mortgage Information (http://smi.stewart.com) is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). Incorporated in 1994, SMI is a leading provider of mortgage information and services that accelerate loan origination and improve the performance of the post-closing function. SMI offers its services to lenders based on the life cycle of the loan process - from origination through post-closing to servicing.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,200 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.