NREIS Press Releases

National Real Estate Information Services (NREIS) Takes the Gamble Out of Alternative Valuations

Pittsburgh, Pa. (Oct. 17, 2005) — National Real Estate Information Services (NREIS) takes the gamble out of alternative valuations with a trio of new AVM features. Releasing the next generation of AVMs that include flexible warranties, standardized confidence scores, and a proprietary QUICKinspect® product, National Real Estate now offers lenders the opportunity to significantly reduce risk and decrease loss exposure.

National Real Estate’s robust cascading AVM engine already features maximum flexibility allowing the lender to set and edit rules-based criteria. Now coupled with the NREIS warranty, National Real Estate’s clients can have greater customization and confidence in their valuations. The proprietary warranty product allows flexibility on the widest variety of loan values, lien positions, and property types available in the industry and can also be structured to cover overvaluation losses, including foreclosure-related expenses.

Based on client feedback regarding inconsistent confidence ratings on the various AVM models, National Real Estate has also developed innovative technology to standardize confidence scores across multiple AVM models.

“Considering that each AVM model utilizes different metrics and grading scales to evaluate a property, our clients have to manage the various confidence scores. We offer an engine that takes the guesswork out of verifying the value on the same property across multiple AVMs, providing our clients a consistent and efficient valuation tool,” said Michael Forgas, President/COO of National Real Estate.

Another feature that can be added is National Real Estates’s QUICKinspect® product, which includes a drive by inspection report and exterior photos of the property.

“The advantage to using AVMs in the lending process is cost and speed. When an AVM falls outside of the lender’s usable criteria, our QUICKinspect® product allows greater valuation confidence to even further reduce the lender’s risk,” added Forgas.

NREIS will be discussing these innovative valuation products in more detail at the 92nd Annual Mortgage Banker’s Association conference in Orlando, FL, from October 23 – 26, 2005. Please contact Bill Rossi, National Sales Director, or Cristy Ward, Director of National Accounts, at 1.800.753.3339 for more information.

About NREIS
For nearly 25 years, National Real Estate Information Services (NREIS) has supported both the residential and commercial mortgage and real estate industries through a custom service model, easy-to-use technology, and comprehensive products. National Real Estate's products and services include title insurance and property reports, real estate appraisals and alternative valuation products, settlement and closing services, commercial real estate services, default and property preservation services, and flood and tax certifications. The company Web address is www.nreis.com.

Product Information Contact:
Cristy Ward
Director of National Accounts
National Real Estate Information Services
1.800.753.3339 ext. 6811
cristy.ward@nreis.com

William Rossi
National Sales Director
National Real Estate Information Services
1.800.753.3338 ext. 1746
bill.rossi@nreis.com

Media Contact:
Raelin Sawka Musuraca
Creative Director, Marketing Department
National Real Estate Information Services
1.412.808.1776
raelin.musuraca@nreis.com