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Industry News

GMAC-RFC Offers New Appraisal Alternative

June 22, 2004

Reduces Costs and Streamlines the Underwriting Process for Lenders and Homeowners

MINNEAPOLIS--(BUSINESS WIRE) -- Residential Funding Corporation (GMAC-RFC) unveiled a new home appraisal alternative that reduces costs and streamlines the underwriting process for its mortgage lending partners and for homeowners within Assetwise(SM) , its automated loan evaluation tool.

The new automated valuation model (AVM) platform enables GMAC-RFC to obtain more accurate automated valuations from more geographic areas, with greater confidence in the results. GMAC-RFC will use the AVM platform to provide lenders and brokers more options to close loans without the need for a full appraisal on a higher percentage of transactions.

With the integration of the new AVM platform into GMAC-RFC's Assetwise automated loan evaluation tool, GMAC-RFC is able to choose the best AVM result available, based on such parameters as geography, estimated value and loan amounts.

Dan Bettenburg, executive vice president, e-commerce, for GMAC-RFC, said the new alternative appraisal platform was developed to enhance mortgage lenders' ability to leverage AVM technology earlier and more effectively in the loan origination process. "We've done extensive research to determine that in order to provide cutting-edge appraisal alternatives that will have an impact similar to automated credit evaluation, it's necessary to use several different AVMs where each provides the most value based on their respective strengths," he said.

GMAC-RFC has partnered with First American Real Estate Solutions to build the new AVM platform, which will be fueled by AVMs from Basis100, First American Real Estate Solutions and Veros.

Source: GMAC-RFC

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