HOUSTON (March 6, 2003) - Stewart Mortgage Information (SMI), a wholly-owned subsidiary of Stewart Information Services Corp. (NYSE-STC), has introduced ValuLogix, a unique, automated logical selection process to select the automated valuation model (AVM) that best fits a lender's underwriting criteria.
"The reliability and accuracy of an AVM product will vary depending upon the variables built into an individual provider's model," said Brian Davenport, chief information officer, Stewart Mortgage Information. "With ValuLogix, a lender has the ability to weigh those factors - such as price, hit rate and/or confidence factor - that are critical to the underwriting process and receive a valuation that fits the specific needs.
"Depending on the lender's origination strategy and the underwriting criteria, ValuLogix chooses the appropriate product from SMI's lineup of AVM partners," said Davenport. "The logic piece makes the difference. The lender decides the characteristics on which the valuation should be made, and the logic piece determines which valuation product to use."
SMI's AVM partners currently include Basis 100™ Home Price and Pass, Freddie Mac's Home Value ExplorerSM, LSI IndicatorSM, and CASA - from Fiserv CSW.
SMI will spotlight the ValuLogix product at the MBA National Technology in Mortgage Banking Conference & Expo in Orlando, March 9-12, 2003.
Incorporated in 1994, SMI (www.smiservices.com) 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. Origination services include credit reports, title reports, flood determinations, collateral assessments, document preparation, centralized funding and other real estate information. The post-closing solutions include assignments, document retrieval, lien recordation, pool certification, full legal review, lien release and research. Customers nationwide rely on SMI's expertise and integrated technology to provide solutions for their settlement needs.
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 6,400 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, background checks and online property auctions. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land 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