HistoryPro Review™

HistoryPro Review™ quickly and economically examines an existing appraisal to determine its overall validity. By comparing the appraisal comps and subject property information against extensive internal databases, maps and collateral risk models, HistoryPro Review renders an overall quality judgment on the appraisal and underlying transaction risk. HistoryPro Review delivers more accurate conclusions than a traditional desk review - at a fraction of the time and cost.

In recent years, real estate fraud has become one of the mortgage banking industry’s most significant threats to profitability.  First American CoreLogic’s risk management tools fortify mortgage lenders and investors against that risk when originating or purchasing a loan.

When originating a loan, an accurate appraisal is critical to ensuring a clean, low-risk transaction. HistoryPro Review provides a vital check of the initial appraisal by reviewing the comps used in the appraisal, and examining the subject property itself. The results provide a comprehensive view of the collateral and the market area surrounding the property to detect adverse conditions and appraisal
inconsistencies. HistoryPro Review returns a hit rate of greater than 90 percent, while consistently producing results traditionally available only through expensive desk reviews.

IMMEDIATE RESULTS - FASTER DETERMINATIONS

HistoryPro Review returns appraisal verification results in less than a minute, offering access from anywhere in the world through a secure Web-based interface. The system’s easy-to-navigate order entry screen and clearly presented reports speed decision making by delivering solid, succinct answers. When compared to a typical 24-hour turnaround for a desk review, it is easy to see how HistoryPro Review streamlines workflow, allowing more loans to be
processed in less time.

COMPARABLE WARNINGS FOR DECISION SUPPORT

Experience has shown that an appraisal is only as good as the accuracy of the comparable properties used. Comp properties with characteristics that inaccurately refl ect the nature of the subject
property will produce an equally imprecise appraisal. HistoryPro Review provides a complete analysis of up to six comp properties, rendering a bottom-line risk warning for each. This detailed set of comparable warnings highlight potential appraiser error or fraud,
including living square footage, distance, location bias, comparable values, market value and land use mismatch. Comps are plotted on a market area map to visually support report data.

FINAL SCORES GUIDE YOUR JUDGEMENTS

HistoryPro Review delivers class-based scores on the appraisal decision and property risk. The appraisal decision score is based on an analysis of comparables, while the property risk score draws from First American CoreLogic’s industry-leading HistoryPro risk assessment engine which evaluates numerous collateral-based elements. The result is an information-rich decision dashboard designed to accelerate the lending transaction cycle of low-risk loans and identify loans that require further scrutiny. Additionally, HistoryPro Review’s retroactive search function allows users to determine sales activity and further analyze trends in specific markets in prior years. By entering a specific timeframe for past market activity, users can quickly and easily retrieve information for the property relevant to that time period.

KEY BENEFITS

• Promotes proactive risk management practices
• Reduces or avoids unnecessary loan origination costs
• Quickly identifies higher risk loans, reducing overall loan default exposure Accelerates workflow and production capacity, reducing staffing requirements
• Delivers easy-to-use report summaries via Web-based HTML, XML service, or bulk processing