FIS Valuation Solutions, a Fidelity National Information Services Company, announced today that it would embed its services as a free module into The Mortgage Office, the leading loan servicing software solution from Applied Business Software. Users of ABS' Loan Servicing module will now have seamless access to FIS property valuation reports, including the ValueSure AVM and Preview, an automated review tool to assist clients in determining the quality and loss potential of real estate collateral without the need for a complete appraisal review.
The recent Home Value Code of Conduct, release by OFHEO in the wake of the GSE meetings with New York's Attorney General, have much of the industry in an uproar right now in regards to the appropriate controls for ordering and managing property valuation products. The Code, if implemented as written and planned on Jan. 1, 2009, will create massive change int he way lenders order appraisals. It will undo much of the work that has been done over the past 20 years by lenders to streamline this part of the business through captive joint venture entities.
Property valuations for loss mitigation purposes are left largely out of the new Code, which makes it a good time for companies like FIS to solidify agreements with loan servicing software providers like ABS.