Underwriting, quality control departments use PropertyFinder® 2G for information verification
According to PRMG chief operating officer
“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
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
About MDA Lending Solutions
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.
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Source: MDA DataQuick