MINNEAPOLIS, Oct. 19 /PRNewswire/ -- HomeComings Financial Network (HFN)
today announced a new statistical home appraisal procedure for its 125
loan-to-value (HLTV) product. The statistical appraisal is expected to result
in faster loan approvals, allowing originators to easily approve more loans at
a less expensive rate.
The new statistical appraisal will be offered for most single-family
properties located in major metropolitan areas for loans with values up to
$75,000. Loans of less than $35,000 may not require an appraisal but will
require a higher credit score.
"We believe our new statistical appraisal will make it much easier for
mortgage brokers and borrowers who want a quick and accurate appraisal at a
reduced cost," said Lee Jacobsohn, managing director, HFN. "Statistical
appraisals reduce the cost of a traditional appraisal and reduce the loan
approval process by as much as 50%.
"We will combine the statistical appraisal method with the technology of
AssetWise(SM) Direct, GMAC-RFC's automated underwriting engine, to review
borrowers' applications and credit reports, giving mortgage brokers instant,
easy approval of qualified loans," he continued. "We are excited about this
prospect."
Jacobsohn further commented: "It's important to note that we are not
changing our underwriting standards -- they will remain exactly the same --
but rather the tool to review loan applications. Of course, a site visit
appraisal will still be available for brokers and borrowers who prefer the
traditional appraisal method."
HFN funds a wide range of loans originated through a nationwide network of
mortgage brokers.
HFN is a wholly-owned subsidiary of GMAC-Residential Funding Corporation
(GMAC-RFC). GMAC-RFC is committed to providing capital and investments
worldwide through its core businesses in securitization, lending and
investment. The company is the leading non-agency issuer of mortgage-backed
securities and a leader in asset-backed securities and warehouse lending.
Headquartered in Minneapolis, the company has operations nationwide, in the
United Kingdom and Mexico.
SOURCE GMAC-RFC
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
612-832-7343, jehlers@rfc.com , or Nick Ragone of Shandwick
International, 212-591-9842, nragone@rfc.com , for GMAC-RFC
|
