Paramount Residential Mortgage Group Manages Loan Risk with MDA DataQuick

Underwriting, quality control departments use PropertyFinder® 2G for information verification

SAN DIEGO--(BUSINESS WIRE)-- MDA DataQuick®, a division of MDA Lending Solutions and the nation’s largest independent provider of property data to real estate and mortgage professionals, announced that Corona, Calif.-based Paramount Residential Mortgage Group (PRMG) has selected MDA DataQuick’s PropertyFinder® 2G for property information verification.

According to PRMG chief operating officer Robert Holliday, the mortgage group uses PropertyFinder 2G to support its thorough underwriting and quality control processes, including adherence to new RESPA guidelines. The property information verification tool from MDA DataQuick also validates and determines ownership information and square footage.

“With the new challenges we face in the current mortgage lending market, a tool like PropertyFinder 2G is a boon,” said Holliday.

The software helps PRMG discover potential “buy and bail” home buyers – borrowers who own a distressed home, which they are letting go into foreclosure, and are attempting to buy another home. Buy and bail loans cannot be sold to the secondary market or to investors, and lenders are often asked to repurchase them. Using PropertyFinder 2G, officials at PRMG can look up the loan history on a property, get an estimate of its value and look for distressed property flags, catching “buy and bail” threats before approving the loan.

“Risk management is more important than ever, so we need to be able to review properties quickly and easily and see immediately if there is a problem,” continued Holliday. “PropertyFinder 2G really improves and streamlines our quality control process.”

MDA DataQuick’s PropertyFinder 2G gives real estate professionals access to a nationwide database of detailed and comprehensive property and ownership information, including property profiles, property history, documents, demographic information and nearby schools and businesses, verifying them on an interactive map. Within the interface, users search single or multiple properties using “find as you type” technology that presents a list of search options as the user begins to type. The software’s distressed property flag feature quickly identifies properties in a distressed state, such as recent short sales, foreclosures and REO, in search results and reports.

“PropertyFinder 2G meets the increasingly more diverse and complicated property search and reporting needs of real estate professionals today,” said John Walsh, president of MDA DataQuick. “We look forward to working with lenders’ quality assurance and underwriting departments in order to provide a sensible risk management solution that helps our customers become more successful.”

About Paramount Residential Mortgage Group (PRMG)

Since 2001, PRMG continues to be a leading residential lender in the mortgage industry, As a privately held mortgage banker and residential home lender, PRMG has successfully helped many home borrowers purchase and refinance their homes in the western united states. Our goals are to provide customers with innovative products, cutting edge technology and industry-leading customer service. PRMG currently employs more than 300 people in 16 branches throughout the Western United States. For more information, visit www.prmg.net or call (866) 776-4937.

About MDA Lending Solutions

Wilmington, Del.-based MDA Lending Solutions provides advanced information solutions that can improve the decision-making and operational performance of customers by reducing the time, cost and risks involved in real estate transactions. The company offerings include MDA DataQuick®, MDA MindBox® and traditional settlement services, such as collateral valuation, title and property search, flood compliance, residential credit and closing/settlement products. For more information, visit http://www.mdasolutions.com/ or call (888) 299-8787.

MDA DataQuick® offers a wide range of information including property history and characteristics, sales and loan information, market valuation and neighborhood information. For more information, visit http://www.dataquick.com/ or call (888) 604-DATA.

MDA MindBox® is a leading provider of advanced decisioning solutions featuring automated rules-based decision technology that optimizes customer interactions and streamlines back-end workflow and business operations for the mortgage lending community. For more information, visit http://www.mindbox.com/ or call (877) 650-MIND.