Fitch Ratings Taps Red Bell’s Automated Valuation Model For RMBS Ratings
07 Novembre 2019 - 10:30PM
Business Wire
Radian Subsidiary Red Bell Real Estate’s AVM
Selected as One of Five Approved Vendors for RMBS
Transactions
Red Bell Real Estate, LLC, a wholly owned Radian
subsidiary, was named among a select group of automated valuation
model (AVM) providers by credit rating agency, Fitch Ratings, to
supply AVMs in support of Fitch’s rating of residential
mortgage-backed securities (RMBS) transactions. The selection of
Red Bell’s proprietary AVM illustrates how high-quality AVMs are
rapidly becoming more widely used in real estate valuations and
related transactions. Based on testing results, Red Bell’s AVM has
been one of the most accurate products in the market with
nationwide coverage.
“Red Bell is proud to offer an exceptional quality AVM that
meets the high standards of Fitch Ratings,” said Eric Ray, senior
executive vice president, Technology and Transaction Services,
Radian. “It is exciting that Fitch has recognized Red Bell’s AVM
offering, among its peers and we are thrilled that they are leading
the way toward increased acceptance of AVMs in the marketplace.
This recognition is also a testament to Red Bell, a subsidiary of
Radian, as a unique company that uses proprietary technology, data
and analytics to disrupt the real estate value chain.”
Fitch’s expanded use of AVMs corresponds with growing industry
acceptance of and confidence in AVMs in a variety of contexts. In
recent years, Fannie Mae and Freddie Mac have both initiated
programs that leverage AVMs in determining waivers for full
appraisals. In addition, last month, federal banking regulators
including the Federal Deposit Insurance Corporation (FDIC), the
Office of the Comptroller of the Currency (OCC) and the Federal
Reserve Bank, approved a change to banking regulation to allow AVMs
to be used in mortgage lending on loans up to $400,000, an increase
from the prior $250,000 de minimis limit. These actions by informed
market oversight entities provide additional confirmation that the
reduction of bias and improvement in accuracy of AVMs over manual
products creates opportunity to help consumers achieve their dream
of homeownership more quickly and more cost effectively.
Fitch’s announcement of Red Bell as one of its approved vendors
for RMBS came as it published new RMBS rating criteria and a
report, “AVMs Can Play a Helpful Role in U.S. RMBS.” Fitch will now
allow AVMs to be used as secondary valuations for due diligence
where a full appraisal is already present. AVMs may also be used as
the primary valuation for second liens and seasoned performing
loans.
Click here to view Fitch's press release.
About Radian
Radian is ensuring the American dream of homeownership
responsibly and sustainably through products and services that
include industry-leading mortgage insurance and a comprehensive
suite of mortgage, risk, real estate, and title services. We are
powered by technology, informed by data and driven to deliver new
and better ways to transact and manage risk. Learn more about
Radian’s financial strength and flexibility at www.radian.biz and
visit www.radian.com to see how Radian is shaping the future of
mortgage and real estate services.
About Red Bell Real Estate, LLC
Based in Salt Lake City, Red Bell Real Estate, LLC offers real
estate brokerage services to purchasers and sellers with an array
of leading-edge pricing and valuation products, including automated
valuation models (AVMs) and broker price opinions (BPOs) used by
major investors, lenders and loan servicers. Red Bell Real Estate,
LLC and its wholly owned subsidiaries are licensed in all 50 states
and the District of Columbia. Corporate headquarters are located at
7730 South Union Park Avenue, Suite 400, Midvale, UT 84047. Contact
Jeff Jonas, real estate broker, 877.500.1415.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191107006035/en/
Emily Riley – Phone: 215.231.1035 Email:
emily.riley@radian.com
Rashi Iyer – Phone: 215.231.1167 Email:
rashi.iyer@radian.com
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