FNIS launches Instant Qualifier
March 6, 2003
Single-source provides electronic prequalification, valuation for wholesale mortgage loans
Inman News Features
Fidelity National Information Solutions today released a new Web-based product that combines its technology resources, proprietary valuation products, licensing agreements and field agent network.
The FNIS Instant Qualifier provides single-source, electronic prequalification and valuation services for wholesale first mortgage loans, aiming to increase origination volume while reducing valuation-related risks.
The product serves as a support system for the loan application and funding process for mortgage brokers and can be upgraded to an insured valuation product a the time of funding.
FNIS Instant Qualifier offers a two-tiered, phased delivery. During phase one, the product delivers a valuation, in conjunction with loan and subject property data to the mortgage broker via wholesale lenders' Web sites.
For approved loans, the product can be upgraded to FNIS' insured valuation offering known as Collateral Valuation Insurance, which combines an automated valuation model with a drive-by property inspection and an insurance policy from an AA-rated insurance carrier. The report is delivered to the lender electronically as part of the loan application process within four days of loan pre-qualification.
FNIS, a majority-owned subsidiary of Fidelity National Financial, provides technology, data and services to lenders, real estate practitioners, settlement companies, vendors and other real estate industry participants.
Copyright: Inman News Service