Industry News

GMAC launches real estate appraisal alternative

AVM aims to reduce costs, streamline lending process

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GMAC's Residential Funding Corp. is implementing a new home appraisal alternative that it says will reduce costs and streamline the underwriting process for its mortgage lending partners and for homeowners within Assetwise, its automated loan evaluation tool. The new automated valuation model platform will enable GMAC-RFC to obtain more accurate automated valuations from more geographic areas and with greater confidence in the results, according to a company statement. The company will use the AVM platform to provide lenders and brokers more options to close loans without the need for a full appraisal on a high percentage of transactions. With the integration of the new AVM platform into the company's Assetwise automated loan evaluation tool, GMAC-RFC will be able to choose the best AVM results available, based on such parameters as geography, estimated value and loan payments. The company has partnered with First American Real Estate Solutions to build the new AVM platform. GMAC-RFC...