Print page |
Email page
« Previous Release | Next Release »
ANN ARBOR, Mich., Oct. 15 -- ABN AMRO Mortgage Group, Inc., (AAMG), one of the nation's leading mortgage originators, today announced it will use a new appraisal alternative product developed by Fidelity National Information Solutions (Nasdaq: FNIS - News) to replace traditional full appraisals for many of the company's first mortgage loan originations.
AAMG and FNIS announced they have signed a contract under which AAMG will use FNIS' Collateral Valuation InsuranceTM (CVITM) to streamline the collateral evaluation process in its first mortgage operations. In addition to the automated ordering and receipt of the CVI, AAMG is also realizing significant improvements in turn around time and quality of its collateral evaluations.
AAMG's adoption of CVI supports the company's OneFeeTM settlement approach and company wide initiative to streamline the mortgage origination process.
"FNIS CVI fits well with our rollout strategy for our 'OneFeeTM' initiative", said William Newman, executive vice president and CAO of AAMG. "AAMG is pleased to partner with a vendor that will provide 'real time' results and services, thus improving the loan process for consumers."
A unique patent-pending valuation platform, FNIS CVI is the first traditional appraisal replacement that combines automated estimates of value with an inspection of the property and valuation insurance. While Automated Valuation Models (AVMs) have been used extensively in home equity lending and portfolio valuation, their use in the first mortgage segment is significant because FNIS has developed a 100% AVM solution for conforming residential properties in the United States.
"The 100% 'Hit Rate' for AVMs combined with an inspection and insurance offers the nation's top lenders a viable alternative to the appraisal for the first time," said FNIS CEO Patrick F. Stone. "The introduction of CVI is also a major milestone for FNIS, as it supports our corporate vision of streamlining the mortgage origination process."
The FNIS CVI platform reduces total appraisal costs and dramatically improves the collateral valuation timeline for mortgage originators. Available on a national basis at a standard price, CVI delivers initial values in just minutes, and complete insured reports in three days or less. CVI insurance coverage is offered through Fidelity National Insurance Company and is underwritten by an "AA" rated insurer.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group, Inc., is the fifth largest loan originator and seventh largest loan servicer in the United States. ABN AMRO Mortgage Group produces mortgage loans and provides related services through its various divisions including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than 2,600 employees located throughout the United States.
About FNIS
Fidelity National Information Solutions (Nasdaq: FNIS - News) is the first company to effectively address the full range of needs for technology, data, services and solutions required by lenders and real estate professionals during a property transaction. FNIS delivers vital business intelligence and technology to the nation's most respected lenders and real estate professionals to speed transactions and eliminate risk throughout the home purchase and ownership life cycle. Market Intelligence, of Milford, Mass., is a subsidiary of FNIS.
FNIS is a majority-owned subsidiary of Fidelity National Financial (NYSE: FNF - News), the nation's largest title insurance and diversified real estate- related services company. FNF's title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- together issue approximately 30 percent of all title insurance policies nationally. The Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada.
For further information, please contact Mary Niffin, First Vice President, Public Relations, AAMG, +1-734-741-7674, mary.niffin@abnamro.com; or Darcy Patch, Vice President of Marketing, FNIS, +1-949-477-1173, dpatch@fnf.com.
Forward Looking Statement: This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.