AUSTIN, Texas--(BUSINESS WIRE)--BuildFax™ and DataVerify® jointly announced that they are prepared to help lenders meet the property improvement validation requirements outlined in the Uniform Appraisal Dataset (UAD), offering a completely automated solution for validation of property improvements.
BuildFax™ data provides crucial improvement information which is fundamental to new lending standards and required for compliance with Fannie Mae and Freddie Mac’s Uniform Appraisal Dataset (UAD). Before BuildFax™, lenders had no easy way to determine whether a structure’s claimed improvements were properly assessed, overestimated, or fraudulent. With BuildFax™, lenders can quickly assess appraisal quality, potential illegal flips, and overall collateral risk.
DataVerify® reports that, in the last 90 days, 387 lenders have adopted the Property Improvements Intelligence Reports of BuildFax™ through DataVerify’s industry-leading enterprise-wide risk mitigation platform known as DRIVE®. The addition of BuildFax™ data has provided DRIVE® system users with access to differentiated data assets, including property improvement history and the related value of those improvements. Such comprehensive information gives lenders greater insight into collateral risk, which enables them to review, process, and confidently approve mortgage applications in a faster, more efficient manner.
“Fueled by continued economic uncertainty and unemployment, mortgage fraud is on the rise and remains something which lenders must continually guard against,” said Kent Johnson, Vice President of DataVerify®. “Innovative resources, of which BuildFax’s Property History Intelligence shines as a top-tier example, are a strong complement to DataVerify’s strategy of delivering products that provide lenders with the critical insight they need to lend safely.”
“The DRIVE® system is the perfect application for BuildFax’s game-changing property intelligence,” said Holly Tachovsky, President of BuildFax™. “While regulations and economic malaise are making lending tougher, BuildFax™ is providing solutions to make lending decisions easier and smarter. And with HUD and FHA having extended the deadlines for UAD compliance until January 2012, even more lenders now have time to integrate BuildFax™ data into their processes.”
About DataVerify®:
DataVerify® is a leading provider of fraud prevention analytics, predictive technology, and decision management solutions for the mortgage industry. An industry innovator, DataVerify’s single-source, customizable platform called DRIVE® helps streamline loan processing and mitigate risk. For more information about DataVerify® and its products, call 866-895-3282 or visit the company online at www.dataverify.com.
About BuildFax™ (www.buildfax.com):
BuildFax™, a division of BUILDERadius, is the creator of the first and only national database of historical building permit data. Co-headquartered in Austin, Texas and Asheville, North Carolina, BuildFax™ has created a proprietary property intelligence engine that contains building and permitting information from 4,000+ cities and counties throughout the country. Local building departments in each of these towns across the country inspect construction to make sure it meets quality and safety standards; as such it is an absolutely critical part of the public safety infrastructure. BuildFax™ is then able to consolidate this information into the dataset, which is a tremendous asset to professionals in the insurance, financial services, inspection, and appraisal industries, as well as buyers and sellers of property. As the best and only source of a structure’s “life story,” the BuildFax™ database continues to grow, currently covering over 72 million residential and commercial properties in the United States, with over 6 billion data points.
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