DataQuick Assists Lenders with Regulation B Dilemma
PropertyFinder 2G from @DataQuick offers lending-critical property intelligence without a valuation; saves lenders hassle of providing reports
SAN DIEGO, – January 22, 2014 – (RealEstateRama) — DataQuick®, a provider of advanced real estate information solutions powered by data, analytics and decisioning, is helping lenders across the country adjust to a recently implemented Equal Credit Opportunity Act (ECOA) regulation that limits mortgage professionals’ use of automated valuation models (AVMs).
On Jan. 18, 2014, the Consumer Financial Protection Bureau’s (CFPB) final rule on the ECOA amendment under Regulation B took effect. The regulation requires creditors to provide applicants with free copies of appraisals, AVM reports and all other written property valuations developed in connection with an application for credit; increasing administrative workload and costs for lenders. DataQuick’s comprehensive online property intelligence portal, PropertyFinder 2G, avoids this added inconvenience by allowing lenders to research and validate sales comparables and identify alternative comps if required—without creating a valuation for the subject property.
“Regulation B has created a bit of an administrative nightmare for lenders who must figure out how to deliver AVM reports to the consumer and explain their contents,” said John Walsh, president of DataQuick. “Many lenders have been tempted to stop using AVMs all together to avoid the hassle of providing reports, but in so doing risk losing out on the intelligence that evaluation provides. PropertyFinder 2G is customized to produce all of the valuable comparable sales data and analysis lenders need to accurately assess the property without an actual valuation figure that must be sent to the credit applicant.”
PropertyFinder 2G is used by thousands of lenders, realtors, title companies and small businesses to increase productivity and reduces risk. The cost-effective property research solution provides single-source access to comprehensive property information such as property profiles, sales comparables, transaction history, loan activity, neighborhood demographics and more. For more information, visit: www.dataquick.com/products/research/propfinder/.
About DataQuick
San Diego-based DataQuick, a Decision Insight Information Group company, delivers advanced information solutions powered by higher quality data, innovative analytics and automated decisioning across a national footprint. The company drives better decision making and improved profitability for the real estate, mortgage lending and secondary investor markets. DataQuick’s integrated solutions include property data and analytics, appraisals and non-appraisal evaluations, flood determinations, mortgage credit reports, automated valuation models, automated decisioning software, Title insurance and property information, property research portals and marketing tools. For more information, visit the company’s website at www.dataquick.com, on LinkedIn or on Twitter at @DataQuick.
About Decision Insight Information Group
Decision Insight Information Group, located in the U.S., Canada and Europe, delivers a comprehensive range of information, infrastructure and decision support products and services for financial and legal professionals. Operating at the heart of the property industry, Decision Insight Information Group manages complex information solutions and provides clarity on decision making for buying, selling, conveyancing, financing and insurance. Decision Insight Information Group companies include MSB and DataQuick in the U.S., Access Point Information Canada, SearchFlow, xit2 and Decision Insight Hub in the UK, Millar & Bryce in Scotland, Rochford Brady Group in the Republic of Ireland, Wertweiser, a joint venture with HVB Bank, in Germany, and Decision First, a joint venture with First Title, in the UK. Decision Insight Information Group has 1,100 employees in 16 offices. For more information, visit www.decisioninsightgroup.com. Decision Insight Information Group is a TPG Capital portfolio company.
